Published on April 8th, 2016 | by Joshua S Hill0
SolarCity Closes Two Separate Financing Agreements Totaling $338 Million
April 8th, 2016 by Joshua S Hill
SolarCity, the leading residential solar provider in the US, has announced two separate rounds of financing which together total $338 million.
With a third of all US residential rooftop installations throughout 2015, SolarCity is repeatedly in the news for a new round of financing. Already this year the company has made several large financing announcements, including the creation of a new $249 million solar project fund back in February, and the creation of a smaller $131 million fund.
On Wednesday, SolarCity announced that it had closed a new $150 million non-recourse financing facility with Credit Suisse “to support the development of commercial solar energy systems—including battery storage systems—for businesses, schools, and government organizations across the US.”
“Our asset portfolio enables us to continually bring in new capital from top tier institutional and corporate investors,” said Jeff Munson, Director, Structured Finance, of SolarCity. “Additionally, our proprietary, in-house technology provides us competitive advantages that have led us to become one of the top commercial solar providers in the U.S.”
A day later, SolarCity revealed that it had closed another round of financing for $188 million, the second within its renewable energy tax equity investment program with Bank of America Merrill Lynch and another investor.
The $188 million will cover the capital cost of solar equipment and installation, paying for the cost of solar equipment and installation, which in turn allows thousands of homeowners the opportunity to have solar without having to pay massive up-front costs.
For Bank of America’s part, the tax equity investment program is part of its longer 10-year, $125 billion environmental business initiative to spur development in low-carbon economic solutions through lending, investing, and facilitating capital for clients around the world.