SolarCity closes $150 million financing facility for commercial solar and battery storage


SolarCity Corporation has closed a $150 million financing facility with Credit Suisse to support deployment of commercial solar energy systems, including battery storage, for businesses, schools and government organizations across the United States.

The California-based company will secure the non-recourse facility with a portfolio of long-term commercial systems and contracts.

"Our asset portfolio enables us to continually bring in new capital from top tier institutional and corporate investors," said Jeff Munson, SolarCity’s director of structured finance. “Additionally, our proprietary, in-house technology provides us competitive advantages that have led us to become one of the top commercial solar providers in the U.S."

SolarCity’s commercial systems include ZS Peak, proprietary mounting hardware which the company says can significantly reduce project build time. In addition, its battery storage projects are supported by DemandLogic, an intelligent battery storage system that enables businesses to further reduce energy costs by using stored electricity to reduce peak demand and associated utility demand charges.

The credit deal is the latest in a series of transactions between SolarCity and Credit Suisse, which has served as structuring agent and bookrunner for SolarCity's securitization transactions.

In related news, SolarCity has appointed former U.S. Federal Energy Regulatory Commission (FERC) Chairman Jon Wellinghoff as the company’s chief policy officer.

Wellinghoff will join SolarCity's executive management team and report to Chief Executive Officer Lyndon Rive. His responsibilities will include advising on federal and state policy for SolarCity and the overseeing of both regulatory and legislative affairs for the company.

"Decades before the electricity sector was seriously considering a future distributed grid, Jon was implementing smart policies that would, in 2016, put us right on the cusp of the most exciting shifts that sector has ever seen," said Rive. "With Jon leading our policy efforts, SolarCity will seek opportunities to collaborate and partner with utilities while ensuring that rooftop solar's full benefits to ratepayers and to the grid are considered and factored into all rate cases and resource discussions."

Wellinghoff replaces the outgoing John Stanton, who established SolarCity's Policy and Electricity Markets team over his seven-year tenure at the company.

Wellinghoff most recently served as partner at the Stoel Rives law firm, where he provided expertise in energy law and the development of clean energy technology, advising leaders in the U.S., China, Australia and Europe.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.