SolarCity Announces New Fund to Finance Over $131 Million in Solar Projects
Mar 22, 2016, 04:30 ET
SAN MATEO, Calif., March 22, 2016 /PRNewswire/ -- SolarCity Corporation (NASDAQ: SCTY), the top residential and commercial solar provider in the U.S., today closed a new tax equity fund to finance over $131 million in residential, commercial and military solar projects. The financing partner was not disclosed. The fund covers the capital cost of solar equipment and installation, making it possible for many homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.
"This is the second tax equity fund we've closed during the first quarter as we continue our cash generation post–ITC extension and plan to continue our momentum," said Radford Small, SolarCity's Executive Vice President, Capital Markets.
The solar industry installed more than 7 GW in 2015, the largest annual total ever and 16 percent above 2014, according to the newly released GTM Research U.S. Solar Market Insight 2015 report.
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 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 fund 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.
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