SolarCity Creates $249 Million Solar Project Fund
America’s leading solar provider, SolarCity, has announced the creation of a new $249 million tax equity fund to finance solar projects.
Less than a fortnight after the company revealed impressive installation growth in 2015, installing 870 MW throughout the whole year, SolarCity has revealed that it has created a new tax equity fund built to finance solar projects, worth $249 million.
“SolarCity has now created 50 project funds with 21 different financing partners,” said Radford Small, SolarCity’s Executive Vice President, Capital Markets. “Distributed solar’s unique combination of strong returns and societal benefits has attracted a range of corporate and institutional investors and enabled hundreds of thousands of homeowners and businesses to pay less for power generated by solar panels than they pay for power from utilities.”
The fund’s financing partner was not disclosed, though SolarCity did reveal that this was the fourth solar project fund the two companies had created together.
The fund can be doubled in size to finance a total of $498 million in solar projects after full allocation, and is intended to cover the capital cost of solar equipment and installation, which would allow homeowners to pay less upfront for solar systems.
As mentioned, the news comes after a relatively impressive full year financials disclosure, in which the company increased its installation figures 73% over 2014 numbers.
However, less impressive was the more recent news of SolarCity’s decision to pull its relatively new MyPower loan product, only three months after it was launched. The company had originally launched it as a massive game-changer for its customers, but numerous problems hampered its usefulness.
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