SolarCity & Greystone Close Tax Equity Deal

SolarCity Corp. and Greystone Renewable Energy Ventures LLC (GREV) announced the closing of a master lease transaction with Greystone Renewable Energy Fund 2008-A, a tax equity fund created for the purpose of providing financing for solar power projects. The first installment of the new fund, the amount of which was undisclosed, is being used to finance residential solar installations in California and Arizona.

“We look forward to additional investment opportunities with SolarCity in 2009,” said Matt James, managing director of Greystone Renewable Energy Ventures. “We are true believers in renewable and sustainable energy initiatives and are excited to be involved in bringing clean, renewable energy to more Americans.”

SolarCity expects to finance US $100 million of its own solar projects with investor partners via leases and power purchase agreements in 2009. GREV provides fund deal sourcing, underwriting, diligence, compliance and asset management to institutional tax benefit investors, and provides project-level financing solutions to renewable energy developers.

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