SAN MATEO, Calif., April 6, 2016 /PRNewswire/ -- SolarCity Corporation (NASDAQ: SCTY) today announced it has closed a new $150 million non-recourse financing facility with Credit Suisse to support deployment of commercial solar energy systems—including battery storage systems—for businesses, schools and government organizations across the U.S. The facility will be secured by a portfolio of high quality, long-term commercial systems and contracts.
SolarCity commercial systems include ZS Peak, proprietary mounting hardware which can reduce project build time from multiple weeks to just a few days. Battery storage projects are supported by DemandLogic, an intelligent battery storage system that enables businesses to further reduce energy costs by using stored electricity to reduce peak demand and associated utility demand charges.
"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. "Additionally, our proprietary, in-house technology provides us competitive advantages that have led us to become one of the top commercial solar providers in the U.S."
Credit Suisse acted as sole structuring agent for the transaction. It is the latest in a series of partnerships between SolarCity and Credit Suisse -- the financial services leader that has previously acted as structuring agent and bookrunner for SolarCity's industry-first securitization transactions.
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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SOURCE SolarCity Corporation