SolarCity Corp launches fund for commercial solar projects

SolarCity Corp launches fund for commercial solar projects
By BrokenSphere (Own work) [<a href="">CC BY-SA 3.0</a> or <a href="">GFDL</a>], <a href="">via Wikimedia Commons</a>

SolarCity launched a Fund including an investment from Credit Suisse to finance more than $1 billion in commercial solar projects. According to the company, some of the projects include battery storage systems for businesses, schools and government organizations in the United States.

In a statement, Credit Suisse Managing Director Jerry Smith said, “We’re thrilled to support SolarCity’s mission to bring clean, affordable solar energy to businesses across the United States. The fund will help more businesses, schools, and government organizations save money and help the environment – it’s a win-win scenario. We’re proud to support this progress with our investment.”

Exclusive: Voss Value Launches New Long Only Special Situations Fund

Since its inception in January 2012, the long book of the Voss Value Fund, Voss Capital's flagship offering, has substantially outperformed the market. The long/short equity fund has turned every $1 invested into an estimated $13.37. Over the same time frame, every $1 invested in the S&P 500 has become $3.66. Q1 2021 hedge fund Read More

Latest collaboration between SolarCity & Credit Suisse

The SolarCity Fund is considered the largest of its kind. It is expected to finance more than 300 megawatts of new commercial solar projects over the next two years.

SolarCity said the Fund was the latest in a series of collaboration with Credit Suisse. The companies finalized their agreement in February and started funding the first projects in late March.

Credit Suisse previously served as structuring agent and book runner for SolarCity’s first securitization transactions. The bank also acted as structuring agent and administrative agent for the facility to finance the purchase of solar energy systems through the new MyPower loan program of SolarCity.

SoclarCity technologies

According to SolarCity, the Fund will finance projects that utilize its new technologies such as the ZS Peak, a mounting system that reduces time to build a project from multiple weeks to just a few days.

The company’s DemandLogic is an intelligent battery storage system that enables the business to cut further energy costs by using stored electricity to reduced peak demand and associated utility demand charges.

SolarCity CFO Brad Bass said, “Continuing technology improvements, cost reductions and strong financing support from partners like Credit Suisse are making solar economically attractive to a growing number of businesses across the U.S.”

According to him, SolarCity already installed more than 1,800 commercial solar projects in 21 states. Brass said the company, “barely scratched the surface of the addressable market.”

In February, SolarCity also created a Fund to finance $750 million in residential solar projects. The company received $300 million from Google—the largest investment of the search engine giant in solar energy to date.

No posts to display