SolarCity, Goldman Sachs create $500M solar fund

LYndon Rive, CEO of SolarCity, has a lot to smile about. SolarCity wil reap the benefits of a $500 million solar lease fund created by Goldman Sachs.
Photo: Spencer Brown / SFBT File 2012

Lyndon Rive, CEO of SolarCity, has a lot to smile about. SolarCity wil reap the benefits of a $500 million solar lease fund created by Goldman Sachs.

Goldman Sachs is putting its money on solar.

Goldman Sachs Group Inc. has created a $500 million solar lease fund to finance solar projects by San Mateo-based SolarCity (NASDAQ: SCTY).

The infusion will make it possible for SolarCity, one of the Bay Area's biggest and best-performing cleantech companies, to fund installation of 110 megawatts of residential solar.

If an average residential installation is 3.5 kw, that's 31,500 solar rooftops funded by Goldman Sachs. SolarCity said this is the largest funding ever announced for residential solar installation in the United States.

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