SolarCity announced an investment fund expected to finance more than USD$350 million in solar power projects with J.P. Morgan. The fund is especially designed to support residential projects in the U.S.
SolarCity is one of the U.S.’s leading solar service providers and is currently providing more than one out of every three of new solar power systems domestically. It supports its customers with more than 65 operations centers over 15 states. J.P. Morgan, in addition, is a global investor in renewable energy. The newly-announced fund is the second created by the two companies, and a follow-up to a fund created to finance approximately US$170 million projects in 2013. The financing makes it possible for thousands of American homeowners to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility bills.
Last year, J.P. Morgan announced to invest in solar generation with Sonnedix through forming a global solar joint venture, and to invest in two of First Wind’s projects. It also supports geothermal projects. Since 2013, J.P. Morgan has financed more than USD$1.4 billion of renewable generations.