By Lisa Kerner
Charlotte, N.C., March 1 – SolarCity Corp. said it completed a private placement for proceeds of $49.6 million with a yield rate of 6.25%.
It is SolarCity’s fifth securitization of distributed solar PPA and lease assets and the company’s sixth securitization transaction to date, according to a news release.
“In this transaction we received $3.13 of financing per watt of solar generation capacity in the portfolio, well outpacing the $2.71 per watt installation cost we achieved in Q4 2015,” said executive vice president, capital markets, Radford Small.
SolarCity’s pool of solar PPA and lease contracts received an investment-grade rating of BBB+ from Kroll Bond Rating Agency and BBB from Standard & Poor’s.
Goldman, Sachs & Co. and Credit Suisse Securities (USA) LLC acted as co-structuring agents and co-bookrunners for the transaction.
SolarCity is a San Mateo, Calif. provider of clean energy.
| Issuer: | SolarCity Corp.
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| Amount: | $49.6 million
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| Yield: | 6.25%
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| Distribution: | Private placement
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| Bookrunner: | Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC
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