Jun 14, 2011
Google Inc. (NASDAQ:GOOG) said on Tuesday that it has made a deal with SolarCity, and it is the biggest deal it has ever made. SolarCity will use the Google fund to help finance rooftop installations. Google Inc. is creating a $280-million fund to help finance the rooftop installations.
Lyndon Rive, chief executive of SolarCity said "Google's leading the way and other companies could follow suit...It's not just about a dramatic environmental impact, it's also a good return." SolarCity is known for its lease programs and power purchase agreements, which allow customers to avoid the thousands of dollars of upfront expenses.
SolarCity is Google's first dip into the solar market, but the company has put nearly $700 million into wind farms, solar power systems, and electric vehicle programs. The buses at Google's Mountain View, California headquarters are equipped with solar panels.
Google has a potential upside of 40.1% based on a current price of $508.15 and an average consensus analyst price target of $711.8.
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