SolarCity has teamed up with Citi for the formation of a US$40 million fund that will finance residential solar projects throughout 2011. This is not only SolarCity and Citi’s first time collaborating, but also marks Citi’s first investment in residential solar power.
SolarCity is looking to expand its solar leasing program throughout the U.S. this year and with the new fund will be able give homeowners the solar lease option when it comes to installing solar panels on their homes. As for Citi, while this is their first investment in residential solar power, the financial services company has committed to a 10-year US$50 billion initiative for the support and growth of the alternative energy and clean technology markets around the globe.
“Citi has consistently put its money where its mouth is when it comes to advancing clean power use, and now the leading global financial services company is extending that contribution to residential solar,” said Benjamin Cook, SolarCity’s vice president of project finance. “We expect the partnership with Citi to be the first phase of a relationship that will significantly increase residential solar adoption in the U.S.”