SolarCity Creates New Fund to Finance $400 Million in Solar Projects
America’s number one solar provider has now raised funds to finance more than $9 billion in projects
SAN MATEO, Calif., Sept. 2, 2015 /PRNewswire/ – SolarCity Corporation (SCTY) today announced it has created a new fund, with a large financial institution, to finance $400 million in solar projects. America’s number one solar provider and the largest solar employer in the U.S., SolarCity has now raised funds to finance more than $9 billion in American solar projects…
Great news. Access to capital is the life blood of SCTY. Without capital to finance the upfront cost of installation, SCTY would be dead in the water. In fact, I think the biggest single risk to SCTY is a lock up of credit similar to what we saw in 2008. If SCTY can no longer finance installation they will be burdened with all the operations that they have put into place. Securing more financing is great because it means that the new solar projects get built out. The demand for solar seems to be there and if SCTY can continue to get low cost of capital financing then they will keep adding profitable projects.