Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Power

SolarCity Completes $185 Million of Securitization Loans

Leading solar company SolarCity recently finalized its 5th securitization of loans, and the world’s 1st securitization of distributed solar loan assets, totaling $185 million.

With an expected repayment date of March 2022, SolarCity securitization’s are offering a blended yield rate of 5.81% and a blended coupon interest rate of 5.17%. Credit Suisse helped finalize the deal, both as agent and book runner.

SolarCity_Solar_Panel_Installation_Van_in_Portland,_Oregon_(19526323073)

Image Credit: SolarCity van by Tony Webster via WikiCommons (Some Rights Reserved)

Standard & Poor’s and Kroll Bond Rating Agency classified SolarCity’s Class A notes with a BBB grade. According to SolarCity’s statement, “The rating reflects the predictability and quality of the cash flows and the minimal operation and production risk of solar assets. With this transaction, solar loan assets were able to achieve an investment grade rating in the asset-backed securities markets for the first time.”

SolarCity’s last securitization occurred in August 2015, with a total of $123 million in bonds.

As the solar energy industry continues to grow, financing will become an even more critical piece to entice customers, besides falling solar panel costs. The US added 1,361 MW of new solar capacity in Q3 2015, while Q4 was expected to be solar energy’s biggest quarter ever for US installations.

Friday’s SolarCity stock price was $32.30, up $0.26 from Thursday, January 21st.

 
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
 

Written By

is expected to complete the Professional Development Certificate in Renewable Energy from the University of Toronto by December 2017. Adam recently completed his Social Media Certificate from Algonquin College Continuing & Online Learning. Adam also graduated from the University of Winnipeg with a three-year B.A. combined major in Economics and Rhetoric, Writing & Communications in 2011. Adam owns a part-time tax preparation business. He also recently started up Salay Consulting and Social Media services, a part-time business which provides cleantech writing, analysis, and social media services. His eventual goal is to be a cleantech policy analyst. You can follow him on Twitter @adamjohnstonwpg or check out his business www.salayconsultiing.com.

Comments

You May Also Like

BIPV

There are many things in the cleantech world that are inspiring and fun, but there's perhaps nothing that quickly inspires more joy than seeing...

Cars

What exactly is Elon Musk's history with Warren Buffett?

Cars

How did Elon Musk grow into the business maverick he is today? It didn't come easy. Even though the 48-year old tech titan Elon Musk...

Batteries

A little more than 4 years ago, I published an article about why people loved Elon Musk so much. Given that it's still #ElonMuskDay...

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.