SolarCity secures $338m investment for solar and storage push

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SolarCity closed two major rounds of funding this week that will give a boost to its residential and commercial solar businesses, and could possibly breathe new life into a languishing commercial and industrial solar market. 

The California-based company has secured $338m of fresh investment as it looks to accelerate the rollout of US domestic and business solar arrays and make strides into the emerging energy storage market.

In a statement last week, the company announced it had closed the second round of financing as part of its renewable energy tax equity investment program with Bank of America Merrill Lynch and another investor.

The program will finance approximately $188 million in solar projects, covering the upfront cost of the solar equipment and installation.

On April 6, SolarCity announced it had closed a $150 million deal with Credit Suisse to support deployment of commercial solar energy systems across the U.S, including battery storage systems for businesses, schools and government organisations.

The news builds on last year’s announcement that SolarCity had activated a $1 billion fund in partnership with Credit Suisse that is expected to finance more than 300 megawatts of solar for businesses, schools and government across the U.S.

“Our asset portfolio enables us to continually bring in new capital from top tier institutional and corporate investors,” said Jeff Munson, director, structured finance at SolarCity.

“Additionally, our proprietary, in-house technology provides us competitive advantages that have led us to become one of the top commercial solar providers in the US.”

SolarCity, which counts Tesla founder Elon Musk as its chairman, said the investment would enable “thousands of homeowners to pay for the power the system produces, typically at a lower rate than their local utility charges”.

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Photo Credit: Bernd Sieker from Flickr.

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