By Eric Wesoff | Greentech Media
In an era when utilities and the solar industry are locked in an adversarial stance on net energy metering and the true value of distributed generation and PV, SolarCity and an electricity provider are playing nice.
SolarCity (SCTY) and energy services provider Direct Energy (a subsidiary of Centrica) have created an investment fund to finance $124 million in commercial and industrial (C&I) solar projects. The fund includes $50 million from Direct Energy, one of the largest retail electricity providers in the U.S. It’s Direct Energy’s first solar deal, according to the company’s blog.
SolarCity notes that this fund gives retail electricity providers a compelling new product and allows Direct Energy to provide a potential reduction to its current utility rates for renewable electricity produced at the site. Some of Direct Energy’s C&I customers will be able to install and use solar power with little or no upfront cost.
SolarCity is looking for new paths to the solar customer and has been closing multiple funds in multiple channels. The firm’s stock has been up today by as much as 14 percent.
If you’d like to discuss energy issues, contact Court Rich, director of Rose Law Group’s Renewable Energy Department at crich@roselawgroup.com
