SolarCity Narrows Loss, Sees Record Bookings For Q1’15

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US solar energy provider SolarCity reported first quarter earnings for 2015, narrowing its net loss and recording a record 237 MW booked.

SolarCityAt the same time, SolarCity announced that it had closed what is believed to be the largest financing aggregation facility for distributed generation solar projects, closing a $500 million loan with BofA Merrill Lynch, Credit Suisse, and Deutsche Bank.

However, it was SolarCity’s Q1’15 earnings which has caught the most headlines, and the news is varied, depending on who you read. MarketWatch has highlighted the increased total net loss, which sat just below $147 million, including losses attributable to non-controlling interests, which is well up on the same period a year earlier, which sat just over $75 million.

On the other hand, The Wall Street Journal focused on the net loss as it affected shareholders, dropping Q1’14’s $24 million, down to $21.5 million in Q1’15.

Investors reacted to the news as expected, with shares dropping 2.8% Tuesday.

“Entering 2015 with a strong start, SolarCity continued to drive significant growth in distributed solar energy deployment and create substantial value for shareholders,” said the company’s CEO and CFO in a joint statement. “Bookings of 237 MW were at record levels, and installations of 153 MW surpassed our expectations,” they added.

The loan facility announced on Monday kicked the company’s shares up a few notches, only to be dropped by the oncoming Q1’15 reporting. According to SolarCity, the $500 million loan “will finance more than 500 MW of solar power systems for homeowners, businesses, and government organisations” once deployed.

“We are excited to announce this ground-breaking transaction for us and the industry,” said SolarCity CFO Brad Buss. “By bringing three of the largest lenders together we have created what we believe to be the largest aggregation facility to date that will grow with our MW deployments over time, enabling us to continue to expand distributed generation solar at a rapid pace.”

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