By Christopher Martin | Bloomberg
SolarCity Corp. (SCTY), a solar-energy developer chaired by billionaire Elon Musk [and represented by Rose Law Group], won financing from Goldman Sachs (GS) Group Inc. for more than $500 million in rooftop solar systems that the company will complete this year.
The lease-financing agreement will help SolarCity build about 110 megawatts of solar power systems with little or no up-front cost for homeowners and businesses, San Mateo, California-based SolarCity said today in a statement.
The deal is the largest single financing agreement for rooftop systems in the U.S. and will raise awareness of the quality of the solar-lease asset class, SolarCity Chief Executive Officer Lyndon Rive said in a telephone interview.
“We hope it sends a signal that solar is a stable and reliable asset to invest in,” Rive said in an interview. “These aren’t luxury yachts we’re talking about, it’s your energy, and the default rates are lower than mortgages.”
During the first quarter, SolarCity said it invested $138.2 million in solar systems as demand for rooftop panels from homeowners and businesses surged.
Also: Florence schools going solar with SolarCity
