solarcity

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Credit Suisse And SolarCity Create New Fund To Finance $300m In Solar Projects

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.

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rooftop_solar projects

$345 Million Raised By SolarCity In June And July For New Solar Projects

In addition to the $345 million raised in June and July, SolarCity’s capital markets team has raised more than $1.5 billion in project financing to date in 2016. Investment in rooftop and other small-scale solar is expected to attract $3.4 trillion over the next 25 years, according to Bloomberg New Energy Finance. The company is also evaluating how the installation of the smart inverters and battery storage systems for residential rooftop solar customers can enhance grid stability and power quality.

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SolarCity, Credit Suisse Agree $150m For US Solar And Battery Storage Deployment

SolarCity Corporation has announced has announced 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 United States. “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.

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Solarcity/Tesla Pioneer Utility Scale Energy Storage System

The proposed project is believed to be the first utility-scale system in the U.S. to provide dispatchable solar energy, meaning that the utility can count on electricity being available when it’s needed, even hours after the sun goes down. The 52 MWh Tesla Powerpack lithium-ion battery storage system will feed up to 13 megawatts of electricity onto the grid to “shave” the amount of conventional power generation needed to meet peak demand in the evening from 5 p.m. to 10 p.m.

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