{"id":3452,"date":"2013-05-16T18:18:00","date_gmt":"2013-05-16T22:18:00","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/?p=3452"},"modified":"2013-05-16T18:20:59","modified_gmt":"2013-05-16T22:20:59","slug":"110-mw-solar-financing-solarcity-and-goldman-sachs","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2013\/05\/110-mw-solar-financing-solarcity-and-goldman-sachs.html","title":{"rendered":"110 MW solar financing: SolarCity and Goldman Sachs"},"content":{"rendered":"

\r\nWhen Goldman Sachs gets in, you know there’s money in solar.\r\nThey’re certainly not investing half a billion dollars for your health.\r\nOf course, if you’re in Georgia, you won’t be getting any of this\r\n110 MW of SolarCity solar on your roof, because of that\r\n\r\nantique 1973 Territorial Electric Service Act<\/a>\r\nthat\r\n\r\nGeorgia Power and Southern Company keep propping up<\/a>.\r\nMaybe we should\r\n\r\ndo something about that<\/a>.\r\n-jsq\r\n<\/p>\r\n

\r\n\r\n<\/a>\r\nPR today,\r\n\r\nSolarCity and Goldman Sachs Create Largest U.S. Rooftop Solar Lease Financing Platform:\r\nCollaboration Expected to Fund more than $500 Million in Solar Projects, 110 Megawatts of Solar Capacity<\/a>\r\n<\/p>\r\n

\r\n\r\n<\/a>\r\n

\r\nSAN MATEO, Calif., and NEW YORK, May 16, 2013—SolarCity\r\n(Nasdaq: SCTY), a leading provider of clean energy, today announced\r\na lease financing agreement with Goldman Sachs (NYSE: GS) to fund\r\nmore than $500 million in solar power projects; an estimated 110\r\nmegawatts in generation capacity for homeowners and businesses.\r\n<\/p>\r\n

\r\nThe financing makes it possible for homeowners, businesses,\r\ngovernment and other non-profit organizations to install solar\r\npanels with no upfront cost and pay less for clean electricity than\r\nthey currently pay for utility bills. The agreement was initiated in\r\n2012 and expanded per\r\n<\/blockquote>\r\n

\r\nits initial terms at the end of April. The\r\ncombined lease financing is the largest of its kind announced in the\r\nU.S. for homeowners’ rooftops. The financing has already enabled\r\napproximately 26 megawatts (MW) of new solar generation to be\r\ndeployed, and the remainder is reflected in the 158 MW of available\r\nfinancing as of May 10, 2013 reported in SolarCity’s announcement of\r\nfinancial results earlier this week.\r\n<\/p>\r\n

\r\n“We are excited about the opportunity in distributed solar,\r\nwhich has the potential to both lower energy costs and create\r\njobs,” said Stuart Bernstein, Global Head of Clean Technology\r\nand Renewables at Goldman Sachs. “Our firm has set a target of\r\n$40 billion in financings and investments in renewable energy over\r\nthe next decade, and we believe SolarCity’s range of distributed\r\nsolar solutions targeting a wider customer base will help us move\r\ntoward a low carbon energy future.”\r\n<\/p>\r\n

\r\nAs more investors have become familiar with the reliability and\r\nquality of solar as a technology and an asset class, it has become\r\npossible to expand the pool of available financing and offer options\r\nto a broader range of potential customers, including those with\r\nlower credit profiles. SolarCity and Goldman Sachs have created an\r\nattractive financing structure to further lower the cost of capital\r\nof financing solar. The financing can make it easier to fund\r\nprojects for schools, municipalities and other organizations that\r\nare not publicly rated.\r\n<\/p>\r\n

\r\n“The Goldman lease financing will make affordable solar\r\nelectricity available to more types of homeowners and\r\norganizations,” said Jimmy Chuang, SolarCity’s vice president\r\nof structured finance. “We expect to be able to expand our\r\noffering to a broader customer base by lowering the credit\r\nrequirements even further in future financings.”\r\n<\/p>\r\n

\r\nBusinesses and homeowners interested in SolarCity’s energy services\r\ncan contact the company directly at 1-888-SOL-CITY (1-888-765-2489)\r\nor visit www.solarcity.com\/request.\r\n<\/p>\r\n

\r\nAbout Goldman Sachs The Goldman Sachs Group, Inc. is a leading\r\nglobal investment banking, securities and investment management firm\r\nthat provides a wide range of financial services to a substantial\r\nand diversified client base that includes corporations, financial\r\ninstitutions, governments and high-net-worth individuals. Founded in\r\n1869, the firm is headquartered in New York and maintains offices in\r\nall major financial centers around the world.\r\n<\/p>\r\n<\/blockquote>\r\n","protected":false},"excerpt":{"rendered":"When Goldman Sachs gets in, you know there’s money in solar. They’re certainly not investing half a billion dollars for your health. Of course, if you’re in Georgia, you won’t be getting any of this 110 MW of SolarCity solar on your roof, because of that antique 1973 Territorial Electric Service Act that Georgia Power […]","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[14,18,23,24,1019],"tags":[8704,713,8701,8708,6303,6305,8702,12,7,8713,637,6304,8714,8812,108,6],"class_list":["post-3452","post","type-post","status-publish","format-standard","hentry","category-economy","category-georgia-power","category-renewable-energy","category-solar","category-solarcity","tag-economy","tag-financing","tag-georgia","tag-georgia-power","tag-goldman-sachs","tag-gs","tag-lake","tag-lowndes-area-knowledge-exchange","tag-lowndes-county","tag-renewable-energy","tag-rooftop","tag-scty","tag-solar","tag-solarcity","tag-southern-company","tag-valdosta"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p585fK-TG","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/3452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/comments?post=3452"}],"version-history":[{"count":3,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/3452\/revisions"}],"predecessor-version":[{"id":3455,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/3452\/revisions\/3455"}],"wp:attachment":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/media?parent=3452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/categories?post=3452"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/tags?post=3452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}