California utility holding company, has created a $100 million
tax-equity fund to finance residential solar installations by SunRun
, a San Francisco start-up
that leases photovoltaic arrays to homeowners.
The fund, managed by a P.G.&E. subsidiary, Pacific Energy Capital
II, is the largest single solar leasing pool to date, according to the
company, and marks the growing interest of utilities in the renewable
energy financing business.
“We’re in somewhat of a unique position in that roughly half of the
nation’s rooftop solar installations are in our service territory,”
Brian Steel, P.G.&E.’s senior director of corporate strategy, said
in an interview. “We’re at the proverbial ground zero of these new
technologies and so perhaps more than any utility holding company in the
country we have a strategic imperative to get ahead of the curve
through having a propriety seat at the table with a partner like