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Sungevity and Rabobank establish US residential solar fund

Sungevity Inc and Rabobank have established a residential solar fund that could support over US$50 million of new US residential solar lease projects.

By Kari Williamson

Rabobank and Sungevity share a commitment to invest in and develop long-term solutions in the renewable energy sector,” says Edward Levin, Executive Director at Rabobank International. “We are very pleased to provide a financing solution that will allow over one thousand homeowners with access to affordable clean energy.”

“This new fund will support Sungevity’s rapid growth and momentum, and address our project finance needs as we enter the next high growth phase for our company,” adds Mac Irvin, Sungevity’s Chief Financial Officer. “We are pleased to partner with Rabobank, an established leader in financing renewable energy projects, as we invest further in the residential solar space.”

The fund comes at time of significant positive momentum for Sungevity. The residential solar company has experienced a banner year in 2011 due to a successful East Coast expansion and a major partnership with the home improvement retailer Lowe’s.

Overall, Sungevity has raised funds to support over US$175m in residential solar projects.

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Green building  •  Photovoltaics (PV)  •  Policy, investment and markets  •  Solar electricity