The largest US solar installer, SolarCity booked a record number of future installations in the first quarter of 2014 and raised its full-year installation guidance to between 500MW to 550MW.
The company was also bullish on installation prospects for 2015, guiding installs in the range of 900MW to 1GW as the company pushes hard to increase its customer base ahead of US tax equity changes such as the reduction in ITC rates at the end of 2016.
SolarCity reported completed installations in the first quarter of 82MW matching the high end of its forecast, while the company booked 136MW in the quarter, a new record.
The company guided deployments in the second quarter of 2014 of between 105MW and 110MW, reiterating that deployments would be loaded towards the second half of the year. Total cumulative deployments reached 649MW at the end of the first quarter.
SolarCity reported a loss from operations US$67.0 million in the quarter, compared to a loss of US$26.7 million in the first quarter of 2013. SolarCity reported revenue of US$63.5 million in the quarter.