SolarCity, BofA program to fund up to $200 million for solar projects

By Lisa Kerner

Charlotte, N.C., May 28 – SolarCity Corp. and Bank of America Merrill Lynch created a renewable energy tax equity investment program to facilitate first-time and smaller investors entering the renewable energy tax equity credit market.

The program lowers transaction costs and enables smaller investment sizes, with tranches of $20 million to $25 million, according to a news release.

The financing will cover the capital cost of solar equipment and installation.

Up to $200 million in solar projects will be financed under the first funding.

The new tax equity investment program is part of Bank of America's current 10-year, $50 billion environmental business initiative to advance low-carbon economic solutions, the release said.

Since 2007, Bank of America has dedicated $39 billion to low-carbon and other environmental business activities, while SolarCity has raised more than $8 billion in solar projects to date.

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

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