SolarCity pins another $100m fund

SolarCity has secured a $100m fund for residential PV systems from first-time investor Capital One Bank, as the leading US rooftop solar company continues to hoover up investment from a growing variety sources.

The deal marks the first time that Capital One, the eighth largest holding bank in the US and a major player in credit cards, has invested in renewables.

SolarCity continues to pin down large financing funds that it uses for the upfront cost of deploying PV systems on rooftops, even as it diversifies into other fund-raising avenues, such as securitization.

In March SolarCity nailed down a $250m facility from a group of lenders including Bank of America Merrill Lynch. To date, the company has raised funds sufficient to finance more than $4bn worth of PV projects.

SolarCity expects it will deploy 500MW-550MW of PV capacity this year, and up to 1GW next year.

SolarCity is the single largest employer in the US solar industry, and by far the largest player in the residential installation market, accounting for roughly one-quarter of the market, according to GTM Research.

It emerged this week that Verengo Solar - a distant third behind SolarCity and Vivint Solar in the residential space - has put itself up for sale.