PGGM Gets Exposure to U.S. Residential Solar Contracts from SolarCity
Dutch institutional investor PGGM invested €200 million into a big portfolio of SolarCity residential solar contracts. The revenue streams are linked to 38,000 U.S. homes across 21 states with solar panel installations. The combined capacity of these installations is 275 MW. SolarCity is owned by Tesla (formerly Tesla Motors). The deal gives Tesla cash up front in exchange for discounted revenue streams in a leased solar rooftop portfolio.
Tesla is in somewhat of a cash preservation mode after its acquisition of SolarCity. Tesla is seeking to reduce advertising spend for SolarCity, while selling solar products in Tesla stores.
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