SolarCity has now created 50 project funds with 21 different financing partners. Credit: SolarCity
SolarCity, the largest residential solar PV installer in the US, has created a new tax equity fund to finance US$249 million of solar projects.
The fund covers the capital cost of solar equipment and installation. There is also an option to double the fund to a total of $498 million once allocated.
SolarCity has not disclosed its funding partner, although the two companies have already worked together on three other solar project funds. The partner is a Fortune 100 Company.
Radford Small, SolarCity’s executive vice president, capital markets, said: “SolarCity has now created 50 project funds with 21 different financing partners.
"Distributed solar’s unique combination of strong returns and societal benefits has attracted a range of corporate and institutional investors and enabled hundreds of thousands of homeowners and businesses to pay less for power generated by solar panels than they pay for power from utilities.”
In its latest financial report, SolarCity reported total fourth quarter installations of 272MW, a 54% year-over-year increase.