SolarCity Corp. today announced that it has partnered with Citi to create two separate funds to finance more than $347 million in solar projects. The first fund is expected to finance more than $284 million in residential solar projects across the U.S. The second fund is expected to finance approximately $63 million in projects for small and medium-sized businesses (SMB) throughout California.
"Citi is proud to support SolarCity on its mission to expand access to clean solar power for households and small businesses across the United States," said Marshal Salant, Global Head of Alternative Energy Finance at Citi. "These funds, which will contribute to Citi's goal to lend, invest and facilitate a total of $100 billion within the next 10 years to activities that reduce the impacts of climate change, clearly illustrate our strong commitment to sustainable growth and clean renewable energy."
"We highly value repeat investors given our consistent pace of solar asset origination," said Radford Small, Chief Financial Officer at SolarCity. "This latest investment with Citi is a testament to how our solar assets continue to perform in the field, and in the capital markets."
This financing makes it possible for many homeowners and small and medium-sized businesses to install solar panels with no upfront cost and pay less for solar electricity than they currently pay for utility bills. The new fund follows a $305 million cash equity financing closed earlier this month.