SolarCity Partners With Citi To Create Fund To Finance Over $347 Million In Solar Projects
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America’s leading solar energy provider, SolarCity, has partnered with global bank Citi to create two funds which together will finance more than $347 million in solar projects for homeowners and small businesses.
SolarCity announced on Wednesday that it had partnered with a leading global bank, Citi, to create two funds — a $284 million fund which will finance residential solar projects across the United States, and a $63 million fund which will finance solar projects for small- and medium-sized businesses throughout California.
“Citi is proud to support SolarCity on its mission to expand access to clean solar power for households and small businesses across the United States,” said Marshal Salant, Global Head of Alternative Energy Finance at Citi. “These funds, which will contribute to Citi’s goal to lend, invest and facilitate a total of $100 billion within the next 10 years to activities that reduce the impacts of climate change, clearly illustrate our strong commitment to sustainable growth and clean renewable energy.”
“We highly value repeat investors given our consistent pace of solar asset origination,” said Radford Small, Chief Financial Officer at SolarCity. “This latest investment with Citi is a testament to how our solar assets continue to perform in the field, and in the capital markets.”
Various measures of financing — either acquiring it or creating it — seems to be the number one goal for SolarCity these days, if we are to rely solely on headline-making news to judge; the company is regularly in the news for both. Only a few weeks ago SolarCity revealed that it had raised another $305 million in financing in its second cash equity transaction. This followed news that the company was expanding its services into Austin, Texas, for the first time.
However, the company has also been in the news for less impressive reasons, such as the impressive $250 million net loss the company was forced to report in its second quarter earnings in July. This led to the company’s two founders, brothers Lyndon and Peter Rive, cutting their salaries to $1 per year in an effort to mitigate the company’s losses. Nevertheless, SolarCity was still forced to lay off 108 employees as a cost-savings measure.
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