SolarCity secures $250m finance pool

SolarCity says it has finalised all the commitments related to a $250m financing facility led by Bank of America Merrill Lynch that will allow it to deploy another 200MW or so of PV.

The California-based company calls the package the “largest aggregation facility for distributed generation solar projects to date”.

SolarCity, which last autumn became the first company to offer securitized solar assets on the debt markets, has in the past announced financing agreements with the likes of Goldman Sachs for its solar-leasing business.

SolarCity deployed 280MW of distributed PV capacity last year – a 78% year-on-year increase – and it expects to deploy 475MW-525MW this year while achieving a positive net cash flow.

The company competes with players like SunPower and SunRun in the fiery US solar-leasing sector.