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Google joins SunPower in $250m solar lease fund

24 Apr 2014
Google has increased its investment in residential PV by contributing $100 million alongside SunPower’s $150 million for a solar-lease fund.

This investment in the broader renewables market isn’t a first for the internet giant and follows funds of $355 million for residential leases through SolarCity and Clean Power Finance. These solar leases mean homeowners pay for solar electricity rather than the solar panels on their rooftops.

The announcement also follows a $220 million package with Bank of America, Merrill Lynch to finance solar leases.

The deal provides a boost for SunPower’s residential leasing programme but solar leasing is still a relatively small – although fast growing - aspect of the company’s overall business.

Google itself is a big advocate for renewable energy and uses wind power projects in regions where its data centres operate, as well as increasing investment in solar power projects across America.
The search giant has recently signed a contract with MidAmerican Energy to buy up to 407 MW of wind energy in Iowa.