Stream of cash in solar in the Bay Area
Funding thaw brings stream of cash to solar in the Bay Area
After nearly nine months of frozen credits, the solar market has showed signs of streaming of new funds in the Bay Area for the last several weeks. For instance, San Francisco-based Renewable Ventures has raised $200 million to fund solar developments, Borrego Solar Systems, Inc. has raised $30 million for solar installations, San Jose-based SunPower Corp. has received $100 million from Wells Fargo to develop solar projects, and Foster City-based Solar City has received fund to finance residential and commercial solar system but never released amount.
According to Matt Cheney, CEO of Renewable Ventures, the funds indicated that financial market is getting back to financing renewable energy. Even though the panel prices have fallen sharply it needs to more happen to the solar market to come back to the situation in early 2008 according to R.J.Lyman, an attorney from Goodwin Procter. The panel prices need to decrease further and banks need to be more willing to lend.
SF Business Time-8/11/2009