Financing residential solar in the U.S gets a new quarter-billion-dollar resource.
SolarCity and Google (NASDAQ: GOOG) just announced the birth of a $280 million fund to finance residential solar projects.
The fund is SolarCity’s largest project financing fund and the largest residential solar fund created in the U.S. SolarCity has built 15 project funds with seven different partners to finance more than $1.25 billion in solar projects....
...Rive has seen a pattern in the way this type of capital is committed. The company wouldn't engage in the investment if it didn't envision a reliable return. But "the first fund is the hardest," according to Rive, because every group in the company has to buy in -- tax, treasury, finance, business development, etc.
"The next fund is much easier," according to Rive.
Until now, the money has mostly come from the banking industry.