Project Finance and The Google Fund
SolarCity partners with banks and large corporations to create project finance funds to finance its lease and PPA (Power Purchase Agreement) options. SolarCity's financing partners have included Bank of America, Merrill Lynch, Citi, Morgan Stanley, National Bank of Arizona and U.S. Bancorp, among others. Among SolarCity's more well-known financing partnerships was a $280 million fund created with Google to finance residential solar installations in June 2011. The Google fund was the largest fund of its kind in the U.S., and Google's largest investment in clean energy.
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