Connecticut clean energy installer SolarCity has entered a lease financing agreement worth more than $500 million, the company announced.
New York City investment firm Goldman Sachs will be providing the funds to help fund solar power projects, making it easier for homeowners, businesses, and other customers to finance possible solar installations. The agreement is an expansion upon an earlier deal made in 2012.
SolarCity hopes to use the financing to make solar installations more affordable in its markets, which includes Connecticut and 13 other states. SolarCity is headquartered in San Mateo, Calif.
More investors, especially ones with lower credit profiles, will benefit from the SolarCity agreement and lowered financing costs for personal solar projects as solar energy options become more practical, said Jimmy Chuang, SolarCity vice president of structured finance.
