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Published on March 25th, 2014 | by Guest Contributor

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SolarCity Enters Into Largest Rooftop Solar Aggregation Facility

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March 25th, 2014 by
 

Editor’s Note: Here’s some rather big news hot of the wires regarding SolarCity, and rooftop solar in general:

SAN MATEO, Calif., March 25, 2014—SolarCity (Nasdaq: SCTY), a leading provider of clean energy, today announced it has received all commitments to its $250 million financing facility provided by a group of lenders that includes BofA Merrill Lynch as Sole Structuring Agent and Sole Syndication Agent, intended to finance more than 200 MW of solar power systems for homeowners and businesses. This financing is the largest aggregation facility for distributed generation solar projects to date, and the third such facility entered into by SolarCity. SolarCity has raised funds sufficient to finance more than $4 billion in solar projects.

The loan is backed by high quality, long-term customer receivables that allow the company to deploy, aggregate and season a defined pool of assets. After the solar assets are fully deployed, SolarCity expects to refinance the facility in the securitization market.

About BofA Merrill Lynch“BofA Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, locally registered entities.

This release contains forward-looking statements including, but not limited to, statements regarding the amount of megawatts expected to be financed under the facility and the plans to refinance the facility in the securitization market. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled “Risk Factors” in SolarCity’s annual report on Form 10-K, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

About SolarCity

SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every three minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.

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  • Alstonalston

    The current quarter is a weak quarter for solar companies due to extreme cold weather which decline demand for solar equipment, so a higher loss per share shouldn’t be a big surprise.

  • ronwint

    Here’s more bad news for the solar lease and PPA companies. The largest $0 down PACE (Property Assessed Clean Energy) financing program is ready to launch in California.

    Operated under the auspices of the California Statewide Communities Development Authority (CSCDA), the CaliforniaFIRST residential PACE program will launch this summer in 17 California counties and 167 cities, and makes solar projects more affordable and accessible for millions of California homeowners.

    Offering no money down financing, tax deductible interest payments and re-payment through one’s property tax bill, this innovation financing program will for the most part, probably put an end to expensive solar lease and PPA financing in the state of California.

  • Banned by Bob

    When I used to go to conferences on Renewable Power a few years ago, it always startled me to see that most of the major sponsors were law firms. It was clear that the lawyers were making all of the money figuring out how to legally fund subsidized projects.

    Reading this article, one can really feel how this market has become real and substantive. It is encouraging to see this type of structure gaining mainstream commercial traction.

    • http://zacharyshahan.com/ Zachary Shahan

      Interesting perspective. Thanks :D

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