Tuesday, June 14, 2011

Google Creates $280M Fund For Solar Project Financing

Mountain View-based Google has upped its investments in solar power again today, investing $280M to create a new fund to finance residential solar projects. Google and San Mateo-based SolarCity said that the $280M solar project financing fund will go to finance new, residential solar projects. SolarCity is a provider of lease and power purchase agreements for solar power, which reduces or eliminates upfront installation costs for installing solar power on residential properties. Solarcity said it now has $1.28 billion in 15 project funds to finance solar projects. Google said the new fund brings its total investment in clean energy to more than $680M.