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SolarCity secures $40 million solar renewable energy certificate
By Lisa Kerner
Charlotte, N.C., April 4 – SolarCity Corp. closed a solar renewable energy certificate transaction on Friday that will provide up to $40 million of residential and commercial solar funding.
The financing will monetize the stream of SRECs produced by a portion of SolarCity’s underlying projects, according to a news release.
SolarCity did not disclose the name of the international banking partner.
“Solar renewable energy certificates have economic value that can be monetized and this first of its kind, stand-alone financing is evidence of the maturity of the SREC market,” said Ron Klein, vice president, capital markets of SolarCity, who led the transaction.
Based in San Mateo, Calif., SolarCity is a provider of clean energy.
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