With SolarCitys proposed merger with Tesla lurking on the horizon, the U.S. solar company has agreed to set up a new $300 million fund with Credit Suisse. It is the second significant partnership in as many days for SolarCity, after announcing the signing of a letter of intent with Panasonic for the production of solar modules the day before.
The new fund will be used to finance thousands of residential solar arrays across the U.S., with the goal of customers directly saving money on their energy bills once the systems are installed. It is the fourth collaboration of its kind between SolarCity and Credit Suisse.
Just six months ago, in April, the two companies closed a deal for a $150 million financing facility for commercial solar and battery storage. The facility, which was secured with a portfolio of long-term commercial systems and contracts, is to support deployment of commercial solar energy systems, including battery storage, for businesses, schools and government organizations. And it can be added to similar partnerships, such as the $305 million cash equity financing that was closed with Citi just last month.