This financing is the largest aggregation facility for distributed generation solar projects to date, and the third such facility entered into by SolarCity. SolarCity has raised funds sufficient to finance more than $4bn in solar projects.
The loan is backed by high quality, long-term customer receivables that allow the company to deploy, aggregate and season a defined pool of assets. After the solar assets are fully deployed, SolarCity expects to refinance the facility in the securitization market.
The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance.
