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SolarCity & JP Morgan Announce $350 Million For Solar Projects

by Adam Johnston January 9, 2015
written by Adam Johnston January 9, 2015
SolarCity & JP Morgan Announce $350 Million For Solar Projects

800px-Pair_of_2009_SolarCity_Dodge_SprintersSolarCity and financial giant JP Morgan have announced more than $350 million in additional financing for new home solar projects.

This is SolarCity’s second go around with JP Morgan in solar financing within two years. In 2013, both companies created a $170 million fund to help projects get off the ground.

Currently, SolarCity leads the US residential solar market, far ahead of its nearest rival, fast-growing Vivint Solar. The top 10 solar companies now control more than half of US solar installations.

When looking at this new deal between SolarCity and JP Morgan, here are some key takeaways:

First, SolarCity is looking to enhance its business further. The company provides one out of three residential installations in the US. It has operations in 15 states. In 2013, SolarCity purchased Zep Solar, a solar mounting company. Last summer, SolarCity bought Silevo, a solar panel manufacturing company, which plans on producing panels with greater efficiency and lower costs. Firm financial backing by JP Morgan allows SolarCity to continue expanding its residential market share and keeping its competitors at bay.

Second, this new financing deal expands JP Morgan’s renewable energy investments. It has financed over $1.4 billion in renewable projects. Wind, geothermal, and solar projects are some investments JP Morgan has made in clean energy. Recent evidence suggests fossil fuels should be kept underground to avoid catastrophic climate change. Financial institutions may well consider looking at renewables as a smarter energy investment choice in the future.

Lastly, JP Morgan and SolarCity’s deal shows there’s plenty of life in solar energy stocks, despite renewable stock prices falling recently. In fact, the long-term trend sees solar stock prices similar to the high-tech boom back in the 1990s and 2000s. If this trend holds, now is a good time to look at solar stocks. January 8th, SolarCity’s stock price was $50.91 a share.

 

BuffaloJ.P. MorganNew YorkSilevoSolar Energy StocksSolarCityZep Solar
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Adam Johnston

Is currently studying at the School of the Environment Professional Development program in Renewable Energy from the University of Toronto. Adam also graduated from University of Winnipeg with a three-year B.A. combined major in Economics and Rhetoric, Writing & Communications. Adam also writes for CleanTechnica and has also written for PlanetSave. He also owns his own part time tax preparation business. His eventual goal is to be a cleantech policy analyst, and is currently sharpening his skills as a renewable energy writer. You can follow him on Twitter @adamjohnstonwpg or at www.adammjohnston.wordpress.com.

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