SolarCity and Direct Energy create US$124 million solar investment fund

September 11, 2013
Facebook
Twitter
LinkedIn
Reddit
Email

Commercial and industrial customers of US energy and energy services retailer Direct Energy will soon be able to utilise solar power at ‘little or no upfront cost’, following an agreement the company has signed with PV energy services provider SolarCity.

The two companies have created a direct investment fund capable of financing up to US$124 million in solar projects, including US$50 million from Direct Energy.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Direct Energy customers joining the scheme will be able to choose from a range of plans, with the package offered expected to include installation, insurance, repairs and monitoring services. Participation is dependent on eligibility, with companies allowed to either pre-pay for solar power or pay monthly.

SolarCity believes the scheme will make it possible for Direct Energy Business customers to pay less than the current rates for clean power.

Direct Energy, a subsidiary of Centrica, has a customer base spanning 46 US states and includes residential as well as commercial customers. Participating in the scheme will be Direct Energy Business, the division of Direct Energy responsible for 180,000 business customers.

Jimmy Chuang, vice president of structured finance at SolarCity said: “This unique relationship demonstrates how traditional energy companies and renewable energy companies can work together to make clean energy more accessible and affordable. Direct Energy is giving business and industrial customers direct access to cheaper, cleaner energy. SolarCity gains an important new avenue to provide its groundbreaking services to businesses at a lower cost”.

“Solar is a viable opportunity that positions Direct Energy Business as a total energy management service provider for commercial and industrial customers,” added Mike Senff of Direct Energy Business. “Solar complements Direct Energy Business' other product offerings while supporting our customers' corporate sustainability goals.”

In mid-August SolarCity purchased Paramount Solar for US$116.3 million with a combination of stock and cash. The Paramount Solar deal is thought to have gone ahead with a view to SolarCity expanding its share of the residential market. 

Read Next

December 23, 2025
EBRD and KfW will provide €87 million (US$102.2 million) in debt financing for a 134MWdc solar project in North Macedonia.
December 23, 2025
PV Tech spoke to Uri Sadot about how security concerns finally went 'mainstream' in 2025, and what can be done to improve solar cybersecurity.
December 23, 2025
ArcelorMittal is investing INR81 billion (US$903 million) in three renewable energy projects across three states in India.
December 23, 2025
Saatvik Green Energy, through its subsidiary Saatvik Solar Industries, has secured solar PV module orders worth INR4.8 billion (US$54.2 million).
December 23, 2025
Chinese researchers have developed a process to boost the efficiency and bifacial performance of TOPCon solar cells while reducing silver consumption.
December 22, 2025
The Chinese government has lodged a complaint against India with the World Trade Organization over alleged subsidies to its solar industry.

Upcoming Events

Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 24, 2026
Dallas, Texas
Solar Media Events
April 15, 2026
Milan, Italy
Solar Media Events
June 16, 2026
Napa, USA
Solar Media Events
November 24, 2026
Warsaw, Poland