Rabobank and SolarCity® announced $42.5 million in structured financing to fund over 30 commercial solar projects in California. This new fund is the latest iteration of a Rabobank-SolarCity collaboration that has produced a solar-powered electric vehicle charging corridor to connect Los Angeles and San Francisco, and a series of solar installations at local bank branches in California.
“We can allow many businesses to install solar panels for free, and pay less for solar electricity than they pay for utility power,” said Lyndon Rive, chief executive officer of SolarCity. “With the help of strong partners like Rabobank, we’re allowing businesses to generate their own clean power and improve their bottom lines at the same time.”
Since the expansion of its renewable energy finance platform to the Americas in 2009, Rabobank has become a leader in the U.S. renewable energy project finance field, focusing primarily on the solar, wind and bio-mass sectors.
“We’re thrilled to be working with SolarCity on this transaction, as financing development of renewable energy continues to be a key priority for us,” said Edward Levin, executive director at Rabobank.
“In 2010, we partnered with SolarCity to bring solar energy to a number of our branches in California, and we’re excited to help other businesses do the same,” said Marco Krapels, executive vice president at Rabobank, N.A., the California retail banking division.
SolarCity can allow a wide range of organizations to install solar panels for free, and pay less for solar electricity than they pay for utility power. The company now has more than 1,000 solar projects completed or underway for U.S. businesses and non-profit organizations.