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Google Invests $280 Million in SolarCity Project Finance Fund

Google Inc. agreed to put $280 million in a new project financing fund for SolarCity Inc., a financier, installer and owner of rooftop photovoltaic systems, in the Internet search engine’s biggest clean-energy investment.

The deal with San Mateo, California-based SolarCity is also Google’s first investment related to distributed solar energy, Rick Needham, the search engine’s director of green business operations, said by telephone yesterday.