Sungevity Grabs $50M More For Solar Leases

Another big bank is pumping money into Sungevity’s home-solar lease program. A couple of months ago it was Citi delivering a $50 million equity fund to help the California company extend its service to the East Coast. Now, the Dutch bank Rabobank is making its entry into home-solar financing with a “solar fund that will support over $50 million of new U.S. residential solar lease projects,” Sungevity said.

Sungevity said “the fund comes at time of significant positive momentum” for the company. It termed 2011 a “banner year” thanks in part to the East Coast expansion and also to its partnership with the big home-improvement retailer Lowe’s. Sungevity does business in the states of Arizona, California, Colorado, Delaware, Massachusetts, Maryland, New Jersey and New York.

solar leasing, Sungevity, Rabobank

image via Shutterstock

The company said monthly sales are up “ten-fold” since January, although it did not note if seasonable variation was factored into that figure. But there’s no doubt Sungevity is growing: The company also said its “employee headcount has tripled to approximately 300” at the headquarters in Oakland this year. Sungevity said the Rabobank infusion boosts its fund for home-solar leasing to $175 million.

Based in Utrecht, Netherlands, Rabobank is known for its focus on the agriculture sector – it calls itself “the premier bank to the food and agriculture industry.”

Pete Danko is a writer and editor based in Portland, Oregon. His work has appeared in Breaking Energy, National Geographic's Energy Blog, The New York Times, San Francisco Chronicle and elsewhere.