Greystone Renewable Energy Ventures has joined up with solar equipment provider SolarCity in a new tax equity fund that will be used to fund future solar projects. Basically, Greystone capitalizes on its expertise in tax regulations to funnel capital to cleantech companies that qualify for federal tax credit programs. It manages about $12 billion in assets.
SolarCity, the largest residential energy provider in the U.S. last year, is looking to finance $100 million worth of solar projects through investor partnerships in 2009. This deal with Greystone is a good start. Based in Foster City, Calif., the company already distributes power to 300 communities in California, Arizona and Oregon.