SAN MATEO, Calif., March 25, 2014—SolarCity (Nasdaq: SCTY), a leading provider of clean energy, today announced it has received all commitments to its $250 million financing facility provided by a group of lenders that includes BofA Merrill Lynch as Sole Structuring Agent and Sole Syndication Agent, intended to finance more than 200 MW of solar power systems for homeowners and businesses. This financing is the largest aggregation facility for distributed generation solar projects to date, and the third such facility entered into by SolarCity. SolarCity has raised funds sufficient to finance more than $4 billion in solar projects.
The loan is backed by high quality, long-term customer receivables that allow the company to deploy, aggregate and season a defined pool of assets. After the solar assets are fully deployed, SolarCity expects to refinance the facility in the securitization market.
About BofA Merrill Lynch
“BofA Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, locally registered entities.
This release contains forward-looking statements including, but not limited to, statements regarding the amount of megawatts expected to be financed under the facility and the plans to refinance the facility in the securitization market. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled “Risk Factors” in SolarCity’s annual report on Form 10-K, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SolarCity®, a national leader in solar power design, financing, installation, monitoring and energy efficiency services, was founded with the mission to help millions of homeowners and businesses adopt clean power, protect themselves from rising gas and electricity costs and protect their environment from polluting power sources. The company’s SolarLease® and Power Purchase Agreement (SolarPPA™) options can make it possible for homeowners and businesses to switch to clean, solar power for less money than they currently pay for electricity. Additional information about the company is available on the Web at www.solarcity.com.