A US$250 million investment in US residential solar by Morgan Stanley has taken investment in the sector to US$795 million in the first two weeks of 2015.
A Morgan Stanley subsidiary, MS Solar Investments, will work with PV developer Main Street Power and Brite Energy, a subsidiary of home security firm Protection 1.
The deal follows a US$350 million agreement last week between JP Morgan and SolarCity, and Investec’s US$195 million arrangement with SunRun.
The latest investment, initially US$200 million, will allow Brite Energy to offer solar in a number of states through the MySolar IX programme.
“MySolar has been a leading investor in the solar industry, and we are excited about partnering with such an established solar platform,” said Jimmy Chuang, chief structured finance officer for Brite Energy. “With this new relationship, Brite has raised more than Us$250 million in financing, and we are expected to double this amount in 2015 to support the company’s growth trajectory,” added Chuang
MySolar IX is co-owned by Main Street Power and MS Solar Investments.
"Leveraging the customer centric capabilities of Protection 1, we have created the ultimate customer acquisition experience for our Brite customers,” said Jared Chappell, chief revenue officer, Brite Energy. “We look forward to accelerating our customer acquisition in 2015 through our innovative, solar energy made-easy platform."
Vivint Solar, the second largest residential installer in the US, is also the spin-off of a home security provider, Vivint.