Renewable Energy, Solar

SolarCity raises $500 million from Goldman Sachs

Solar energy system provider SolarCity struck a lease financing agreement with Goldman Sachs to fund more than $500 million in solar power projects. According to SolarCity, the financing could develop some 110 MW in solar generation capacity for residential and commercial customers.

According to SolarCity, this funding makes it possible for homeowners, business owners, government agencies and non-profit organizations to install solar panels at no up-front cost.

Honda Motor Co., Merrill Lynch, U.S. Bancorp and Morgan Stanley and have funded SolarCity in the past. In 2011, technology giant Google Inc. created a $280 million fund with SolarCity, which was Google’s largest investment in renewable energy at the time.

The financing has already deployed about 26 MW of new solar energy capacity, and the remainder is reflected in the 158 MW of available financing as of May 10, 2013 reported in SolarCity’s announcement of financial results in early May 2013, according to SolarCity.