SolarCity Corp. 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.
In addition to the $345 million in new funds, SolarCity also expanded its existing debt aggregation facility to $760 million, an increase of $110 million. SolarCity added two new lenders to the facility, which accounted for $70 million of the $110 million upsize. SolarCity also expanded its solar renewable energy credit (SREC) financing facility to accept five years of hedged SRECs, significantly lowering its cost of financing for SRECs and drawing more capital from the facility.