SolarCity sets up tax equity fund to finance $249 million of projects

New York, Feb. 25 – SolarCity Corp. said it has created a new tax equity fund to finance $249 million in solar projects.

The financing partner in the fund is a Fortune 100 company whose name is not being disclosed, according to a news release.

The fund is the fourth between the two companies.

After being fully allocated, the fund can be doubled to $498 million of solar projects.

The fund will cover the capital cost of solar equipment and installation, reducing the cost of solar power to homeowners.

“SolarCity has now created 50 project funds with 21 different financing partners,” said Radford Small, SolarCity’s executive vice president, capital markets, in a news release.

“Distributed solar’s unique combination of strong returns and societal benefits has attracted a range of corporate and institutional investors and enabled hundreds of thousands of homeowners and businesses to pay less for power generated by solar panels than they pay for power from utilities.”

SolarCity is a San Mateo, Calif. provider of clean energy.

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