Generate Capital has launched a $250 million financing facility for solar+storage projects.
The advent of cost-effective batteries for electricity storage is making the numbers work for an increasing number of commercial and industrial solar installations (see “Energy storage takes shape with financing for Southern California battery installations”).
Also helpful: rebates for such projects from the state of California that become available May 1.
The specialty finance company Generate Capital has created a vehicle to capitalize $250 million in solar+storage and other energy storage projects.
Co-founder Jigar Shah, who earlier pioneered solar power-purchase agreements as the founder of SunEdison, told ImpactAlpha that the facility is the first to finance 20-year solar+storage power-purchase agreements that guarantee building owners significant energy savings.
Shah launched Generate in 2014 with co-founders Scott Jacobs and Matan Friedman to “bring project finance to the hundreds of technologies that cost more upfront but save money over time that are either too confusing or too small for the traditional players to invest in” (see, “Jigar Shah Eyes $1 Trillion Opportunities”).
This post originally appeared in ImpactAlpha’s daily newsletter. Get The Brief.
Photo credit: Borrego Solar