SolarCity Corporation has announced it has closed a new $150 million non-recourse financing facility with Credit Suisse to support the deployment of commercial solar energy systems—including battery storage systems—for businesses, schools and government organizations across the U.S. The facility will be secured by a portfolio of high quality, long-term commercial systems and contracts.
SolarCity commercial systems include ZS Peak, proprietary mounting hardware which can reduce project build time from multiple weeks to just a few days. Battery storage projects are supported by DemandLogic, an intelligent battery storage system that enables businesses to further reduce energy costs by using stored electricity to reduce peak demand and associated utility demand charges.
“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.”
Credit Suisse acted as sole structuring agent for the transaction. It is the latest in a series of partnerships between SolarCity and Credit Suisse — the financial services leader that has previously acted as structuring agent and bookrunner for SolarCity’s industry-first securitization transactions.
SolarCity provides clean energy to customers. The company claims to have disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. It states that it gives customers control of their energy costs to protect them from rising rates. It wants to make solar energy easy by taking care of everything from design and permitting to monitoring and maintenance for its customers.