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PG&E to finance solar company
SAN FRANCISCO, (UPI) -- California energy giant PG&E said it would finance solar panel installations for a firm that sells solar power, but not the solar panels themselves.
SunRun Inc. pays for the installation of the solar systems and maintains ownership of the systems, then but lets the homeowner buy the power from them, the San Francisco Chronicle reported Monday.
PG&E said it would finance SunRun up to $100 million, taking over the role that would normally be assumed by banks, the newspaper said.
But credit is tight, so SunRun swung the deal with PG&E, instead.
"In many ways, it makes much more sense for a utility to finance this than a bank. They understand the projects and the risks better," said SunRun Chief Executive Officer Edward Fenster. "
PG&E senior director of corporate strategy and development Brian Steel said, "We're making this as an investment, one in which the prospective returns are attractive to ours shareholders as well as strategic for the company."
SAN FRANCISCO, (UPI) -- California energy giant PG&E said it would finance solar panel installations for a firm that sells solar power, but not the solar panels themselves.
SunRun Inc. pays for the installation of the solar systems and maintains ownership of the systems, then but lets the homeowner buy the power from them, the San Francisco Chronicle reported Monday.
PG&E said it would finance SunRun up to $100 million, taking over the role that would normally be assumed by banks, the newspaper said.
But credit is tight, so SunRun swung the deal with PG&E, instead.
"In many ways, it makes much more sense for a utility to finance this than a bank. They understand the projects and the risks better," said SunRun Chief Executive Officer Edward Fenster. "
PG&E senior director of corporate strategy and development Brian Steel said, "We're making this as an investment, one in which the prospective returns are attractive to ours shareholders as well as strategic for the company."
