SolarCity raises USD 345 million from four partners to finance new solar projects

SolarCity has raised $345 million in tax equity from four separate partners in June and July to finance new solar projects. The fund will cover capital cost of new equipment and installations and make it possible for customers to pay less for solar power than they for utility power.

Beside the USD345 million in new fund the company also expanded its existing debt aggregation facility to USD760 million.  The two new lenders in SolarCity’s facility which accounts for USD70 milllion of the USD 110 million upsize.

SolarCity also expanded its solar renewable energy credit (SREC) financing facility to accept five years of hedged SRECs, significantly lowering its cost of financing for SRECs and drawing more capital from the facility.

The company in a statement said that it has raised more than $1.5 billion in project financing to date in 2016. The company has now created funds and facilities to finance projects with more than 30 different banks and corporate partners.