SolarCity has confirmed details of a new US$201.5 million financing round secured against the revenues from a pool of smaller PV systems.

The company pulled off the first deal with securitisation against residential PV installs in November 2013. It followed that US$54 million round with a second US$70 million issue in April 2014.

The latest round will include US$160 million of notes with an interest rate of 4.026% and US$41.5 million with an interest rate of 5.45%.

The first deal had an interest rate of 4.8% suggesting that there is increasing confidence in the model driving down the interest rate.