Morgan Stanley and Main Street Power Co. are teaming up to provide funds for Clean Power Finance Inc.’s customers to install up to $300 million in residential solar energy projects. That’s according to Bloomberg.
The investments, along with debt from lenders like Zions Bancorporation, will finance rooftop photovoltaic systems on homes in California and Arizona, Bloomberg says.
The company has developed software that connects investors and solar installers that may lack resources to provide financing for their own customers.
Kristian Hanelt, senior vice president of renewable capital markets for Clean Power Finance, told Bloomberg that Morgan Stanley is investing for the tax benefits.
Clean Power Finance says it’s working with more than 1,500 installers in every U.S. state.
Clean Power Finance has raised about $500 million to date to finance installations.
Competitors in the residential solar space, including SolarCity, SunRun Inc. and Sungevity Inc., finance home installations through leases or long-term power purchase agreements, Bloomberg says. This lets them install systems at little to no upfront cost to homeowners. The companies choose the installers or do the work themselves, Bloomberg adds.
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