SolarCity pins another $100m fund

Europe yawned while the US boomed.

Europe yawned while the US boomed.

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.

UMaine to test 56-meter blade

02 September 2014 07:42 GMT

Brazil postpones A-5 tender

02 September 2014 01:58 GMT

Brazil approves QGER wind start-up

02 September 2014 05:21 GMT

Warnings on UK funding mechanism

02 September 2014 03:56 GMT

TenneT: Offshore lag continues

02 September 2014 03:16 GMT

Two extra years for Kriegers Flak

02 September 2014 03:07 GMT

Move on Brazilian local content

02 September 2014 10:59 GMT

Heritage fears sink wind project

02 September 2014 12:07 GMT

250MW of Polish wind sold

02 September 2014 11:41 GMT

JDR nets Dudgeon cable deal

02 September 2014 11:16 GMT

INTERVIEW: Hermann Albers, BWE

02 September 2014 09:05 GMT

Atlantic Array data made public

02 September 2014 09:46 GMT

IN DEPTH: Europe's wind capital

02 September 2014 09:15 GMT

Vestas gets 58MW Poland order

01 September 2014 05:44 GMT

IN DEPTH: UK offshore game-changer

02 September 2014 09:12 GMT

Glennmont round raises €500m

01 September 2014 04:34 GMT

Scots grant licence for EOWDC

01 September 2014 03:00 GMT

IN DEPTH: Siemens' bid to stay top

01 September 2014 09:13 GMT

Aikengall extension opposed

01 September 2014 02:31 GMT

Drive to cut UK offshore costs

01 September 2014 01:21 GMT

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?


Recharge Monthly Magazine