SolarCity created a new tax equity fund to finance $249 million in solar projects. Its financing partner in the fund is an undisclosed Fortune 100 company. SolarCity said this is the fourth solar project fund the two companies have partnered to create.

After it is fully allocated, the fund can be doubled in size to finance a total of $498 million in solar projects. The fund covers the capital cost of solar equipment and installation.

“SolarCity has now created 50 project funds with 21 different financing partners,” said Radford Small, SolarCity’s executive vice president of Capital Markets. “Distributed solar’s unique combination of strong returns and societal benefits has attracted a range of corporate and institutional investors and enabled hundreds of thousands of homeowners and businesses to pay less for power generated by solar panels than they pay for power from utilities.”