Direct Energy, SolarCity launch $124 million solar fund


Direct Energy and SolarCity have launched an investment fund capable of financing up to $124 million in solar projects for Direct Energy’s commercial and industrial customers. Direct Energy is partially bankrolling the fund with up to $50 million.

Through the arrangement, eligible Direct Energy commercial and industrial customers will be able to receive solar power with little or no upfront cost, depending on the customer’s choice of plans.

Direct Energy will give customers a choice to pre-pay for their solar electricity or pay a monthly payment, with installation, insurance, repairs and monitoring service included.

"Solar energy's use of free, abundant sunlight and rapidly falling technology and operations costs have made it cost-competitive with power generated from fossil fuels in a growing number of markets nationwide," SolarCity said in a statement, adding that its "vertically integrated service model, combined with Direct Energy’s energy expertise, North American footprint, customer relationships and financial stability are attractive to customers in a fragmented solar market."

Mike Senff, head of U.S. sales, marketing and 360Direct for Direct Energy Business, added, "Solar is a viable opportunity that positions Direct Energy Business as a total energy management service provider for commercial and industrial customers. Solar complements Direct Energy Business’ other product offerings while supporting our customers' corporate sustainability goals."

Popular content

Jimmy Chuang, vice president of structured finance for SolarCity, said, "This unique relationship demonstrates how traditional energy companies and renewable energy companies can work together to make clean energy more accessible and affordable. Direct Energy is giving business and industrial customers direct access to cheaper, cleaner energy. SolarCity gains an important new avenue to provide its groundbreaking services to businesses at a lower cost."

One of the U.S.'s leading full-service solar power providers, SolarCity boasts more than 68,000 customers across 14 states, including more than 1,000 commercial and government customers. SolarCity has created 28 investment funds to date.

Direct Energy Business serves commercial and industrial customers in 14 states, the District of Columbia and five Canadian provinces, providing electricity and natural gas supply and energy management services to more than 180,000 customers. Direct Energy Business is part of Direct Energy, North America's largest competitive retail energy supplier, with more than six million customers across the continent.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.