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

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

October 9, 2026
Pan-African renewables developer Axian Energy has signed a power purchase agreement (PPA) with energy aggregator and trader Africa GreenCo in Zambia.
October 9, 2026
India’s MNRE issued the 12th revision of its Approved List of Models and Manufacturers (ALMM) List-II for solar PV cells on 8 October 2026.
October 9, 2026
Funds have been raised from private equity providers for two community solar developers that benefit several US states, in separate deals.
October 9, 2026
The IPP has begun the build phase of a new 420MW hybrid renewable energy park in Mohave County, Arizona, with completion due in 2028.
October 9, 2026
Dos Grados has agreed to acquire three PV solar projects in Spain from Akuo, with a combined installed capacity of more than 500MW.
October 9, 2026
Spanish IPP Grenergy has secured a US$457 million non-recourse senior financing for a 446MW Chilean solar-plus-storage portfolio.

Upcoming Events

Solar Media Events
October 13, 2026
San Francisco Bay Area, USA
Solar Media Events, Upcoming Webinars
October 21, 2026
2pm AEDT
Solar Media Events
November 3, 2026
Málaga, Spain
Solar Media Events
November 24, 2026
Warsaw, Poland