SolarCity Corporation announced that on Friday, March 31, 2016 it closed a solar renewable energy certificate ("SREC") transaction, subject to satisfying certain conditions, that will provide up to $40 million of residential and commercial solar funding. The financing will monetize the stream of SRECs produced by a portion of SolarCity's underlying projects. The international banking partner was not disclosed.
"Solar renewable energy certificates have economic value that can be monetized and this first of its kind, stand-alone financing is evidence of the maturity of the SREC market," said Ron Klein, Vice President, Capital Markets of SolarCity, who led the transaction.