SolarCity Corp. has announced that it has created a new fund to finance more than $300 million in solar projects with Credit Suisse. The fourth such collaboration between SolarCity and Credit Suisse will allow thousands of homeowners in the U.S. to pay less for solar electricity than they pay for utility bills. The fund represents another new financing for SolarCity, following a $305 million cash equity financing and a fund to finance $347 million in projects with Citi that closed last month.
This follows another significant development for SolarCity, after the announcement of the signing of a letter of intent with Panasonic for the production of solar modules, the previous day.
Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies. As an integrated bank, it offers clients its combined expertise in the areas of private banking, investment banking and asset management. It also provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47,180 people.
SolarCity provides clean energy. The company has claims to have disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organisations for less than they spend on utility bills. It also states that it gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance.