Capital One Bank invests $100MM inresidential solar power fund

Capital One Bank is partnering with SolarCity to establish a fund that will finance residential solar power systems

Capital One Bank is partnering with SolarCity (NASDAQ: SCTY) to establish a fund that will finance residential solar power systems. Capital One is contributing $100 million into the fund as its first renewable energy project. Through this fund, SolarCity will offer U.S. homeowners the option to install solar panels for free and pay less for the solar generated electricity than they pay for electricity from their local utility company.

"This investment will help SolarCity pursue their goals and provide affordable sustainable energy to thousands of homeowners as well as advance Capital One's sustainable energy initiative," George Revock, Capital One's managing director, said.

SolarCity has created more than $4 billion in similar funds to increase the number of residential solar power systems within 15 states. The company currently provides one out of every four residential solar power systems in the U.S.

It is also the first company to issue securities to investors backed by their solar assets. SolarCity raised $54.4 million last November and $70.2 million in April through their first two offerings and are currently working on a third.

More information on solar power in the U.S. can be found at PennEnergy Research

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs