SolarCity Raises $345 Million In Financing For New Solar Projects
SolarCity, America’s leading solar developer, has raised yet more money to finance new solar projects, and this week announced another $345 million in tax equity from four separate partners.
With preternatural clockwork regularity, SolarCity appears in our headlines as having raised more financing for its company. SolarCity has now raised more than $1.5 billion in project financing so far this year alone, including $338 million announced back in April, and another $227 million from John Hancock Financial in May.
Announced on Monday, SolarCity revealed that it has now raised another $345 million in tax equity from four separate partners throughout June and July. The financing will serve to cover the capital cost of new equipment and installations, making it possible for customers to pay less for solar power than they already pay for utility power. When SolarCity covers the cost of equipment and installation, the customers pay SolarCity a lower monthly rate than they would have paid their utility, under terms that pay back the equipment and installation and cheap renewable energy that subsequently returns a good investment for SolarCity’s partners.
In addition to this most recent $345 million in new funds, SolarCity has also expanded its existing debt aggregation facility to $760 million, an increase of $110 million, by adding two new lenders to the facility. SolarCity also expanded its solar energy credit financing facility to accept five years of hedged credit.
SolarCity recently announced that it was expanding into Utah for the first time, an announcement that followed not long after the company announced it had expanded into Houston.
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