Capital One Bank and SolarCity have established a partnership to create an investment fund to finance thousands of residential solar power systems in U.S.A. Capital One Bank is participating in the form of a $100 million investment and SolarCity will offer their customers the option to install solar panels for free and pay less for solar electricity than they pay for utility power.
This deal represents Capital One Bank’s first renewable energy investment and reflects the bank’s commitment to growing and expanding its energy business into new sectors, including renewable energy. The Capital One investment allows SolarCity to offer thousands of American homeowners related services. SolarCity, the largest residential solar power provider in the U.S., has created funds to finance more than $4 billion in solar power systems. SolarCity serves 15 states and is currently providing one out of every four new residential solar power systems nationwide. The $100 million investment was reflected in the available financing reported in SolarCity’s announcement of financial results on May 7.
“This investment will help SolarCity pursue their goals and provide affordable sustainable energy to thousands of homeowners as well as advance Capital One’s sustainable energy initiative,” says George Revock, Managing Director and head of alternative energy and project finance at Capital One Bank.
With more than $3.5 billion in energy-banking loan commitments, Capital One Bank’s Energy Banking team is invested in the future of energy. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.