Citi on Tuesday became the latest financial giant to plunge into the home solar business, announcing a $40 million fund to finance rooftop photovoltaic arrays installed by Silicon Valley's SolarCity.
It's the latest in a series of solar lease deals between banks and solar companies such as SolarCity, SunRun and Sungevity. U.S. Bancorp, Wells Fargo and California utility PG&E Corporation have bankrolled larger funds, but Tuesday's investment from a Wall Street heavyweight signals that more deals could be coming. In fact, a SolarCity executive said he expects more such announcements this year.
Source: Sustainable Industries
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