California-based SolarCity Corp. has created a new tax equity fund to finance $249 million in solar projects. Although SolarCity has not disclosed its financing partner in the fund, it says the partner is a Fortune 100 company, and this represents the fourth solar project fund the two firms have partnered to create.
After it is fully allocated, the fund can be doubled in size to finance a total of $498 million in solar projects, SolarCity adds. The fund covers the capital cost of solar equipment and installation for homeowners.
“SolarCity has now created 50 project funds with 21 different financing partners,” says Radford Small, SolarCity’s executive vice president of capital markets. “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.”