The investment – funded by PG&E shareholders – is expected to allow SolarCity to install more than 1,000 solar systems via the company’s SolarLease and power purchase agreement financing options. SolarCity’s financing options allow homeowners and businesses to adopt solar power with no upfront investment.
Under the agreement, in return for providing the investment needed for the new systems, Pacific Venture Capital will receive lease revenues from SolarCity customers, along with the benefits of federal investment tax credits and local rebates for the solar energy projects.
Rand Rosenberg, senior vice president of corporate strategy and development at PG&E, said: “This investment represents an opportunity to broaden access to renewable energy, consistent with our focus on advancing clean, low-carbon energy solutions and California’s goals to expand rooftop solar. Equally significant, it 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.”
The solar systems funded under the agreement are expected to be installed in 2010 in California, with some in Arizona and Colorado.
Lyndon Rive, CEO of SolarCity, said: “SolarCity strongly believes solar companies and traditional energy industry players must work together if solar power is to become a mainstream source of electricity in America. PG&E has always been a leader in renewable energy adoption. This agreement is yet another example of PG&E leadership in clean power generation that hopefully others can follow.”
