SolarCity appears to be back in growth mode with the agreement of a US$160 million financing deal for residential rooftop arrays.
Prior to the confirmation of the investment tax credit extension, the company said it was changing strategy. In an October conference call the company said the days of 80-90% growth were behind it and 2016 projections would be closer to 40% with the goal of being cash-flow positive by the end of 2016.
BofA Merrill Lynch, KeyBank, and Silicon Valley Bank pieced together the latest five-year financing that will be used to fund residential installs.
The company had been targeting cost efficiencies in its installations that would track the reduction in the ITC. With the extension and slowed phase down approved, the company would appear to be comfortable borrowing for growth once again.
As late as mid-December, the company said in an investor presentation that although an ITC extension was “increasingly likely” it was not planning on that basis. It projected 2016 installation growth of 43%.