SAN MATEO, Calif., April 7, 2016 /PRNewswire/ -- SolarCity Corporation (NASDAQ: SCTY) today announced it has closed the second financing within its renewable energy tax equity investment program with Bank of America Merrill Lynch and another investor. The program will finance approximately $188 million in solar projects, covering the capital cost of the solar equipment and installation, enabling thousands of homeowners to pay for the power the system produces, typically at a lower rate than their local utility charges.
The tax equity investment program is part of Bank of America's current 10-year, $125 billion environmental business initiative to advance low-carbon economic solutions through lending, investing and facilitating capital for clients around the world. Since 2007, Bank of America has dedicated $53 billion to low-carbon and other environmental business activities.
SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations, usually for less than they spend on utility bills. SolarCity 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. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding the success of our financing strategy, future savings and program size and timing. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's annual report on Form 10-K, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE SolarCity Corporation