BofA Merrill Lynch to back SolarCity's residential ops with USD 400m
Solar rooftop. Author: Michael Coghlan. License: Creative Commons.
Dec 11, 2014 - SolarCity Corp (NASDAQ:SCTY) today unveiled a new USD-400-million (EUR 321m) financing deal with Bank of America (BofA) Merrill Lynch, supporting the US solar solutions provider’s residential solar business.
Thanks to this investment programme, in 2014 and 2015 SolarCity will help “thousands of American homeowners” go solar at no upfront cost, it said.
The solar company noted that it is providing one of every three new residential solar systems installed in the US, citing a GTM Research report. This new deal with BofA Merrill follows the bank’s prior commitment to provide funding for over USD 200 million in commercial solar power projects with SolarCity.
From the bank's perspective, the investment programme supports BofA Merrill Lynch’s 10-year, USD-50-billion environmental business goal to help advance lower-carbon economic solutions via lending, equipment finance, capital markets and advisory activities. Since 2007 the bank has put USD 31.7 billion in the low-carbon and other environmental business segment, according to the press release.