SolarCity secures funds for commercial solar and storage systems

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SolarCity's ZS Peak mounting for flat roofs. Source: SolarCity.

US residential installer SolarCity has closed US$150 million of financing to fund the deployment of commercial solar and storage systems.

The facility, provided by Credit Suisse, will be securitised against a portfolio of commercial installations and the associated contracts.

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The company said it will install the systems for businesses, schools and public sector organisations.

“Our asset portfolio enables us to continually bring in new capital from top tier institutional and corporate investors,” said Jeff Munson, director, structured finance, SolarCity. “Additionally, our proprietary, in-house technology provides us competitive advantages that have led us to become one of the top commercial solar providers in the US,” he claimed.

The systems will include deployment of the company’s ZS Peak, East-West flat roof mounting structures made under the Zep Solar brand which was bought by SolarCity in 2013, along with the company's DemandLogic battery management platform, used by businesses to cut the demand charge portion of their electricity bills.

Credit Suisse is the sole structuring agent on the deal, reprising its role from SolarCity’s previous rounds of securitisation of residential contracts.

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