SolarCity announced Wednesday that it has received $200 million “non-recourse financing” from Credit Suisse to keep rolling out its MyPower financing vehicle. It takes the company’s total financing this year to $995 million, reports PV Tech. On January 7, the San Mateo-based company announced that it had secured $350 million financing from JPMorgan. Prior to that, Bank of America Merrill Lynch had committed to provide $400 million to SolarCity through 2015.
MyPower is growing in popularity
SolarCity chief financial officer Brad Buss said that the latest financing from Credit Suisse was first of a large array of financing the company will create to support the growth of MyPower. Credit Suisse acts as sole administrative agent and structuring agent, while U.S. Bank serves as the trustee for the financing facility. When Credit Suisse’s financing is fully deployed, the residential solar installer plans to refinance the facility in the securitization market.