SolarCity, BofA Merrill Lynch, KeyBank, and Silicon Valley Bank Create $160 Million Financing Facility for Residential Solar Projects
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SolarCity Corporation closed a $160 million five-year term facility on Friday, January 22. BofA Merrill Lynch acted as Mandated Lead Arranger and Sole Bookrunner, and KeyBank and Silicon Valley Bank acted as Joint Lead Arrangers on the transaction.The facility is secured by a portfolio of high quality, long-term customer systems. The financing allows SolarCity to recycle capital to continue growth and will make it possible for SolarCity to continue offering power generated by solar energy systems to customers for less than they pay for utility bills at the time the customer contracts are signed.
