SAN MATEO, Calif., Feb. 25, 2016 /PRNewswire/ -- SolarCity Corporation (NASDAQ: SCTY) today announced it has created a new tax equity fund to finance $249 million in solar projects. SolarCity's financing partner in the fund—a Fortune 100 company—was not disclosed. This is the fourth solar project fund the two companies have partnered to create.
After it is fully allocated, the fund can be doubled in size to finance a total of $498 million in solar projects. 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.
"SolarCity has now created 50 project funds with 21 different financing partners," said Radford Small, SolarCity's Executive Vice President, Capital Markets. "Distributed solar's unique combination of strong returns and societal benefits has attracted a range of corporate and institutional investors and enabled hundreds of thousands of homeowners and businesses to pay less for power generated by solar panels than they pay for power from utilities."
About SolarCity 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 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.