SolarCity raises $345 million in tax equity to finance new projects

By Lisa Kerner

Charlotte, N.C., July 18 – SolarCity Corp. announced it raised $345 million in tax equity from four separate partners in June and July to finance new solar projects.

The financing facilities cover the capital cost of new equipment and installations, and make it possible for customers to pay less for solar power than they pay for utility power, a news release stated.

In addition, SolarCity expanded its existing debt aggregation facility by $110 million to $760 million. Two new lenders accounted for $70 million of the $110 million upsize.

SolarCity also expanded its solar renewable energy credit financing facility to accept five years of hedged SRECs.

According to SolarCity, its capital markets team has raised more than $1.5 billion in project financing to date in 2016.

SolarCity is a San Mateo, Calif., provider of clean energy.

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