SolarCity, a provider of clean energy, announced that it has received all commitments to its $250 million financing facility provided by a group including BofA Merrill Lynch, showing the entering into the largest rooftop solar aggregation facility.
“BofA Merrill Lyncy” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. The group of lenders who finance SolarCity act as Sole Structuring Agent and Sole Syndication Agent, intending to finance more than 200 MW of residential/commercial solar power systems. This financing is the largest aggregation facility for distributed generation solar projects to date, and the third such facility entered into by SolarCity. SolarCity has raised funds sufficient to finance more than $4 billion in solar projects.
The loan is backed by high quality, long-term customer receivables that allow the company to deploy, aggregate and season a defined pool of assets. After the solar assets are fully deployed, SolarCity expects to refinance the facility in the securitization market.