{"id":208615,"date":"2010-01-21T12:55:16","date_gmt":"2010-01-21T17:55:16","guid":{"rendered":"http:\/\/greenenergyreporter.com\/?p=5740"},"modified":"2010-01-21T12:55:16","modified_gmt":"2010-01-21T17:55:16","slug":"solar-systems-installer-solarcity-secures-60m-tax-equity-financing","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/208615","title":{"rendered":"Solar Systems Installer SolarCity Secures $60M Tax Equity Financing"},"content":{"rendered":"

\"\"\"\"<\/p>\n

SolarCity, a Foster City, Calif.-based provider of solar energy systems, has closed a $60 million tax equity investment deal with Pacific Venture Capital, a subsidiary\u00a0of San Francisco power company Pacific Gas and Electric (PG&E).<\/p>\n

Until the great recession and the credit crisis, tax equity financing was a common source of funding for cleantech developers. But these days, deals like SolarCity’s are rare.<\/span><\/p>\n

Here’s how the deal works: SolarCity installs the PV systems on commercial and residential properties. The property owners make lease payments to SolarCity, who owns the systems. This makes SolarCity eligible for \u00a0the 30 percent federal investment tax credit. However, in this deal, \u00a0SolarCity passes the tax credit on to Pacific Venture Capital in exchange for the $60 million investment and a share of the lease revenues.<\/p>\n

The two companies did not disclose expected revenues.<\/p>\n

SolarCity plans to use the cash to finance the installation of more than 1,000 solar systems, mostly in California and the U.S. Southwest.<\/p>\n

In a prepared statement<\/a> Rand Rosenberg, senior VP of corporate strategy at PG&E, said:<\/p>\n

\n

Equally significant, [this investment] enables us to take an initial step toward gaining valuable experience with a technology and a marketplace that may become increasingly important in the future.<\/p>\n<\/blockquote>\n

Last spring <\/a> SolarCity closed on a tax equity\u00a0 investment (of an undisclosed amount)\u00a0 with Greystone Renewable Energy Ventures, an affiliate of\u00a0 private investment firm Greystone & Co.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

SolarCity, a Foster City, Calif.-based provider of solar energy systems, has closed a $60 million tax equity investment deal with Pacific Venture Capital, a subsidiary\u00a0of San Francisco power company Pacific Gas and Electric (PG&E). Until the great recession and the credit crisis, tax equity financing was a common source of funding for cleantech developers. But […]<\/p>\n","protected":false},"author":2814,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-208615","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/208615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/2814"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=208615"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/208615\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=208615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=208615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=208615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}