SolarCity bags USD 345m of tax equity for new solar projects
Solar rooftop. Author: David TREBOSC. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.
US solar power company SolarCity (NASDAQ:SCTY) said today it has obtained USD 345 million (EUR 312m) in tax equity funding to cover the capital cost of new solar equipment and installations.
The tax equity was raised from four separate partners in June and July, the company said.
Also today, SolarCity announced it has expanded its existing debt aggregation facility by USD 110 million to USD 760 million, with two new lenders accounting for USD 70 million of the upsize. In addition, the company increased its solar renewable energy credit (SREC) financing facility to accept five years of hedged SRECs. By doing so it lowers its cost of financing for SRECs.
Since the start of the year, SolarCity's capital markets team has raised more than USD 1.5 billion in project financing. Now it has funds and facilities to finance projects with over 30 different banks and corporate partners, it added.