SolarCity secures $500 million aggregation facility from three lenders

By Lisa Kerner

Charlotte, N.C., May 5 – SolarCity Corp. closed a $500 million financing aggregation facility with BofA Merrill Lynch, Credit Suisse and Deutsche Bank.

The loan facility is expected to be the largest of its kind for distributed generation solar projects, according to a company news release.

When the facility is fully drawn, SolarCity will be able to finance installations for tens of thousands of homes and businesses throughout the United States.

The revolving loan will be secured by a portfolio of long-term customer systems and contracts, SolarCity said.

With the novel financing structure, SolarCity will be able to fund customer installations at an earlier stage in the development cycle.

“By bringing three of the largest lenders together we have created what we believe to be the largest aggregation facility to date that will grow with our MW deployments over time, enabling us to continue to expand distributed generation solar at a rapid pace,” SolarCity chief financial officer Brad Buss said in the news release.

San Mateo, Calif.-based SolarCity provides clean energy and financial products based on clean energy.

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