SAN FRANCISCO — Renewable energy is hot with technology giants.
Google (GOOG) has invested nearly half the funding for SolarCity’s new $750 million fund to finance about 25,000 residential solar projects.
SolarCity (SCTY) will use the money to put solar panels on homes. Homeowners pay a monthly fee to lease the panels from the company.
Google’s $300 million stake is its largest single backing yet of renewable energy investments.
The fund is the largest ever created for residential solar systems, according to SolarCity.
Apple said earlier this month it’s spending $848 million on a First Solar (FSLR) farm to power its operations in California.
This is the second time Google has made an investment with SolarCity.
In 2011, Google set up a $280 million fund which is backed by Tesla Motors founder Elon Musk.
SolarCity shares were up slightly to $52.63. Google shares rose nearly 2% to $553.09.
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