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Compile a list of financial institutions invested in residential solar leases and PPAs
Hello! Thanks for your question about financial institutions invested in residential solar leases and power purchase agreements (PPAs). The most useful sources I found to answer your question were media outlets to identify potential companies, crunchbase, companies' corporate websites, and Linkedin to find relevant employees. The short version is that most major banks in the US have been involved in residential solar leases, including a few foreign banks.
Below you will find a deep dive of my findings.
FINDINGS
Below is a list of financial institutions invested in residential solar leases and/or PPAs.
***Morgan Stanley***
In 2012 Morgan Stanley committed to investing up to $300 million in residential solar leases through it's subsidiary MS Solar Solutions Corp and a partnership with Clean Power Finance.
A key player at Morgan Stanley in regards to solar energy is Stephen Byrd, the Head of North American Equity Research, Power/Utilities and Clean Tech.
***US Bancorp***
US Bancorp has invested in a range of companies offering residential solar leases including SolarCity ($250m in 2012); Sunrun ($200m in 2011); and OneRoof Energy (joint investment of $50m in 2011).
***JP Morgan***
In June 2013, JP Morgan led a joint investment of $630m in SunRun for the installation of residential solar projects. JP Morgan also created a $170m fund with SolarCity in 2013, and an additional $350m fund with the solar company in 2015.
Some JP Morgan employees involved in the renewables business include Joel Spenadel, Michelle Auk, and John Eber.
*** Credit Suisse***
In October 2016, Credit Suisse closed a $300m financing deal with SolarCity to support residential solar projects. This followed on a 2014 $200m investment on which Credit Suisse was the leader investor, to Clean Power Finance, and a $200m investment in SunRun.
***Capital One Bank***
In 2014 Capital One Bank announced its first investment in renewable energy, with a $100m investment in solar leasing firm SolarCity.
***Bank of America Merrill Lynch***
Bank of America Merrill Lynch has invested in both Solar City ($188m, 2016) and Vivint Solar ($100, 2017).
Employees in this segment include Raymond Wood, Managing Director-Head of Global Power & Renewables; Kevin Lang, Director for Renewable Energy Finance; and Steven Criscione, Managing Director - Renewable/Low Carbon Finance.
***John Hancock***
In 2016 insurance and financial services firm John Hancock invested $227m in SolarCity to finance residential, commercial and industry solar projects.
Recep Kendircioglu is the Managing Director of Power and Infrastructure at John Hancock, and he provided media statements regarding the deal.
***Goldman Sachs***
In 2013, Goldman Sachs invested $500m in SolarCity, in part to support residential solar leases. In 2014, the financial institution also invested in Sunseap Leasing, a solar leasing company in Singapore, and in 2016 Goldman Sachs provided $3m in funding for solar leases in Salt Lake City.
Key employees include Vivek Kagzi, Vice President-Special Situations Group (Alternative Energy Investing) and Pooja Goyal, Managing Director, Head of Alternative Energy Investing.
***Rabobank***
In 2011, Dutch financial institution Rabobank established a $75m residential solar leasing fund with Sungevity.
***Citi***
In 2011, Citi announced a new fund of $105m to support residential solar leasing projects through SunPower. Later in the year, Citi announced a further $50m for Sungevity's residential solar leasing program.
Employee's in the banks Power and Alternative Energy Group include Shail Mehta, Managing Director; and Thomas McCormack, Alternative Energy Finance Analyst.
CONCLUSION
To wrap it up, Morgan Stanley, US Bancorp, JP Morgan, Credit Suisse, Capital One Bank, Bank of America Merrill Lynch, John Hancock, Goldman Sachs, Rabobank and Citi have all been involved in residential solar leasing projects.
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