NEW YORK, NY, and FOSTER CITY, Calif., April 14, 2009—SolarCity® Corp. and Greystone Renewable Energy Ventures, LLC (GREV) today announced the closing of a master lease transaction with Greystone Renewable Energy Fund 2008-A, a tax equity fund created for the purpose of providing financing for solar power projects. The first installment or “tranche” of the new fund is being used to finance residential solar installations in California and Arizona.

“We look forward to additional investment opportunities with SolarCity in 2009,” said Matt James, managing director of Greystone Renewable Energy Ventures. “We are true believers in renewable and sustainable energy initiatives and are excited to be involved in bringing clean, renewable energy to more Americans.”

GREV uses its expertise in tax advantaged financial investments to provide capital to renewable energy projects that qualify under the federal tax credit programs. GREV provides fund deal sourcing, underwriting, diligence, compliance and asset management to institutional tax benefit investors, and provides project-level financing solutions to renewable energy developers.

SolarCity grew to become the nation’s largest residential solar power provider in 2008, and the only company to provide residential solar power financing, design, installation and monitoring services from a single source. In addition to cash purchases, SolarCity expects to finance $100 million of its own solar projects with investor partners via leases and power purchase agreements in 2009.

“Our SolarLease™ financing option allows homeowners the opportunity to save money from day one by adopting solar power—a welcome relief to homeowners as the country works its way out of a recession,” said Lyndon Rive, CEO of SolarCity. “The new Greystone fund will allow us to deliver SolarLease to more residents in this challenging credit environment, and we will need to create multiple additional funds like it this year to keep up with demand.”

About Greystone

Greystone Renewable Energy Ventures, LLC is an affiliate of Greystone & Co., Inc. a financial services and private investment group which, together with its affiliates, owns or manages more than $12 billion of assets. Additional information about the company is available on its web site at www.greyco.com.
 

About SolarCity

SolarCity®—a national leader in solar power design, financing, installation, monitoring and energy efficiency services—was founded with the mission to help millions of homeowners and businesses adopt clean power, protect themselves from rising gas and electricity costs and protect their environment from polluting power sources. The company’s SolarLease® and Power Purchase Agreement (PPA) options can make it possible for homeowners and businesses to switch to clean, solar power for less money than they currently pay for electricity. SolarCity’s 23 operations centers serve Arizona, California, Colorado, Hawaii, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas and Washington, D.C. Additional information about the company is available on the Web at www.solarcity.com.