The largest US-based PV installer, SolarCity has secured US$200 million in new financing from Credit Suisse to continue the rapid roll-out of the company’s ‘MyPower’ financing vehicle. This takes SolarCity’s financing in 2015 to around US$995 million.
“MyPower is America's most affordable solar loan, with a lower cost than PPAs in many locations,” said Brad Buss, SolarCity's chief financial officer. “The new facility is the first of its kind, and offers the lowest interest rate of any solar financing facility we've seen. We expect it to be the first of a large array of financing we create this year to support MyPower's growth.”
SolarCity’s MyPower financing vehicle enables home owners the ability to retain ownership of the PV system, rather than leased.
SolarCity said that Credit Suisse would as sole structuring agent and administrative agent for the financing facility. When the financing is fully allocated SolarCity said that it expects to refinance the facility in the securitization market.
The company said that over 8,000 customers since the MyPower product was launched in October, 2014 have signed-up to the program.