SolarCity has announced a lease financing agreement with Goldman Sachs to fund more than $500 million in solar power projects, representing an estimated 110 MW in generation capacity.
According to SolarCity, the financing makes it possible for homeowners, businesses, government and other nonprofit organizations to install solar panels with no upfront cost. The agreement was initiated in 2012 and expanded per its initial terms at the end of April.
"We are excited about the opportunity in distributed solar, which has the potential to both lower energy costs and create jobs," says Stuart Bernstein, global head of clean technology and renewables at Goldman Sachs.
"Our firm has set a target of $40 billion in financings and investments in renewable energy over the next decade, and we believe SolarCity's range of distributed solar solutions targeting a wider customer base will help us move toward a low-carbon energy future," Bernstein continues.