SAN MATEO, Calif., Sept. 28, 2016 /PRNewswire/ -- SolarCity Corp. (Nasdaq: SCTY) today announced that it has partnered with Citi to create two separate funds to finance more than $347 million in solar projects. The first fund is expected to finance more than $284 million in residential solar projects across the U.S. The second fund is expected to finance approximately $63 million in projects for small and medium-sized businesses (SMB) throughout California.
"Citi is proud to support SolarCity on its mission to expand access to clean solar power for households and small businesses across the United States," said Marshal Salant, Global Head of Alternative Energy Finance at Citi. "These funds, which will contribute to Citi's goal to lend, invest and facilitate a total of $100 billion within the next 10 years to activities that reduce the impacts of climate change, clearly illustrate our strong commitment to sustainable growth and clean renewable energy."
"We highly value repeat investors given our consistent pace of solar asset origination," said Radford Small, Chief Financial Officer at SolarCity. "This latest investment with Citi is a testament to how our solar assets continue to perform in the field, and in the capital markets."
This financing makes it possible for many homeowners and small and medium-sized businesses to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility bills. The new fund follows a $305 million cash equity financing closed earlier this month.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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 SolarCity's financing strategies, expected future deployments and other statements. 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, including the risk that the timing of the transaction is delayed or the closing conditions are not satisfied. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. SolarCity does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.