Capital One Bank announced it has partnered with SolarCity to create an investment fund to finance thousands of residential solar power systems. Capital One Bank is participating in the form of a $100 million investment.
This deal represents Capital One Bank’s first renewable energy investment and reflects the bank’s commitment to growing and expanding its energy business into new sectors, including renewable energy.
The Capital One investment allows SolarCity to offer thousands of American homeowners the option to install solar panels for free and pay less for solar electricity than they pay for utility power. SolarCity, the largest residential solar power provider in the U.S., has created funds to finance more than $4 billion in solar power systems.
The $100 million investment was reflected in the available financing reported in SolarCity’s announcement of financial results on May 7.
“We’re very excited to be working with SolarCity, which has a very strong position in the residential solar energy market,” says George Revock, managing director and head of alternative energy and project finance at Capital One Bank. “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.”