Pacific Venture Capital will provide the upfront investment for the systems then collect lease revenue from SolarCity customers, while also collecting federal tax credits and local incentives. Customers would buy the electricity through a power purchase agreement, but not the panels.
The companies are calling the transaction a first of its kind.
“This investment represents an opportunity to broaden access to renewable energy, consistent with our focus on advancing clean, low-carbon energy solutions and California's goals to expand rooftop solar,” says Rand Rosenberg, PG&E Corporation senior vice president, corporate strategy and development, in statement.
