SolarCity Teams up with Citigroup on Residential Solar Fund
In a vote of confidence for SolarCity and residential solar, Citi (NYSE: C), a global financial services firm, just announced a new fundto finance $40 million in residential solar projects in 2011. This isthe first collaboration between SolarCity and Citi, and Citi’s firstinvestment in residential solar power. It is, however, the twelfth fundthat SolarCity has received for this purpose.
According to Lyndon Rive, SolarCity‘s CEO, these funds tend to come in clusters, and to that point, Ben Cook, VP of Project Finance, said that he sees this as "the first of manyfunds we will do together." He went on to say, "Citi has consistentlyput its money where its mouth is when it comes to advancing clean poweruse, [and is now] extending that contribution to residential solar."
SolarCity will use the new fund to provide solar leases to homeownersto install solar panels on their homes. SolarCity has more than 10,000projects completed or underway in the U.S. including more than 7,000SolarLease customers. The company has raised project financing to fundmore than $700 million in solar installations.
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