SolarCity Corp. and Greystone Renewable Energy Ventures LLC (GREV) have closed a master lease transaction with Greystone Renewable Energy Fund 2008-A, a tax equity fund created for the purpose of providing financing for solar power projects. The first installment – or tranche – of the new fund is being used to finance residential solar installations in California and Arizona.
GREV notes that it uses its expertise in tax advantaged financial investments to provide capital to renewable energy projects that qualify under the federal tax credit programs. GREV provides fund deal sourcing, underwriting, diligence, compliance and asset management to institutional tax benefit investors, and provides project-level financing solutions to renewable energy developers.
In addition to cash purchases, SolarCity expects to finance $100 million of its own solar projects with investor partners via leases and power purchase agreements in 2009.
SOURCES: SolarCity, Greystone Renewable Energy Ventures LLC