New York – Capital One Bank announced today that it has partnered with SolarCity to create an investment fund to finance thousands of residential solar power systems. Capital One Bank is participating in the form of a $100 million investment. This deal represents Capital One Bank’s first renewable energy investment and reflects the bank’s commitment to growing and expanding its energy business into new sectors, including renewable energy.
The Capital One investment allows SolarCity (Nasdaq: SCTY) to offer thousands of American homeowners the option to install solar panels for free and pay less for solar electricity than they pay for utility power. SolarCity, the largest residential solar power provider in the U.S., has created funds to finance more than $4 billion in solar power systems. SolarCity serves 15 states and is currently providing one out of every four new residential solar power systems nationwide. The $100 million investment was reflected in the available financing reported in SolarCity’s announcement of financial results on May 7.
“We’re very excited to be working with SolarCity, which has a very strong position in the residential solar energy market,” says George Revock, Managing Director and head of alternative energy and project finance at Capital One Bank. “This investment will help SolarCity pursue their goals and provide affordable sustainable energy to thousands of homeowners as well as advance Capital One’s sustainable energy initiative.”
“Thanks to Capital One, when we ask our customers “what’s in your wallet?,’ thousands more can say ‘all the money I saved on electricity bills by going solar,’” says Lyndon Rive, SolarCity’s founder and CEO.
With more than $3.5 billion in energy-banking loan commitments, Capital One Bank’s Energy Banking team is invested in the future of energy. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.
 Source: GTM Research PV Leaderboard
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $208.3 billion in deposits and $290.5 billion in total assets as of March 31, 2014. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. Visit the company online at www.solarcity.com and follow the company on Twitter.