SAN MATEO, Calif. — SolarCity Corporation (NASDAQ: SCTY) closed a $160 million five-year term facility on Friday, January 22. BofA Merrill Lynch acted as Mandated Lead Arranger and Sole Bookrunner, and KeyBank and Silicon Valley Bank acted as Joint Lead Arrangers on the transaction.
The facility is secured by a portfolio of high quality, long-term customer systems.
The financing allows SolarCity to recycle capital to continue growth and will make it possible for SolarCity to continue offering power generated by solar energy systems to customers for less than they pay for utility bills at the time the customer contracts are signed.
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.