SolarCity Gets Help From Credit Suisse To Finance Over $1 Billion In Commercial Solar + Storage Projects
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SolarCity now has access to a fund that will allow for the financing of more than $1 billion in new commercial-scale solar energy systems (including battery storage systems), according to a press release out from the company today.
This fund — which includes a substantial input from Credit Suisse — is expected to be used for the installation of systems at many businesses, schools, and government organizations throughout the country.
Projects are actually already being financed via the fund– as of late March — as the deal between SolarCity and Credit Suisse was finalized back in February. Altogether, over 300 megawatts (MW) of new commercial solar energy projects are expected be financed by the fund — which is one of the largest of its kind, ever — over the next 2 years.
The recent news follows on previous collaborations between SolarCity and Credit Suisse — including the credit giant’s functioning as a structuring agent and bookrunner for the solar company’s industry-first securitization transactions, amongst other things.
“We’re thrilled to support SolarCity’s mission to bring clean, affordable solar energy to businesses across the United States,” stated Jerry Smith, a Managing Director at Credit Suisse. “The fund will help more businesses, schools and government organizations save money and help the environment – it’s a win-win scenario. We’re proud to support this progress with our investment.”
Here’s a bit more from today’s press release:
The fund was created to finance projects that utilize new SolarCity technologies that make it possible for more businesses and non-profit organizations to pay less for solar electricity than they pay for utility power. These include ZS Peak, a mounting system that can allow SolarCity to reduce commercial project build time from multiple weeks to just a few days, and DemandLogic, an intelligent battery storage system that allows businesses to further reduce energy costs by using stored electricity to reduce peak demand and associated utility demand charges.
“Continuing technology improvements, cost reductions and strong financing support from partners like Credit Suisse are making solar economically attractive to a growing number of businesses across the US,” stated Brad Buss, SolarCity’s Chief Financial Officer. “SolarCity has installed more than 1,800 commercial solar projects in 21 states — and we’ve barely scratched the surface of the addressable market.”
According to GTM Research, SolarCity installed more commercial solar energy capacity in the US than any other provider during 2014.
Image Credit: SolarCity
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