Solarcity, bofa merrill lynch, keybank, and silicon valley bank create $160 million financing facility for residential solar projects

On January 22, 2016, SolarCity Corporation (NASDAQ: SCTY) announced the closure of a $160 million five-year term facility. BofA Merrill Lynch served as Mandated Lead Arranger and Sole Bookrunner, while KeyBank and Silicon Valley Bank acted as Joint Lead Arrangers for the transaction.

The facility is backed by a portfolio of high-quality, long-term customer systems. This financing enables SolarCity to recycle capital for continued growth and allows the company to offer power generated by solar energy systems to customers at rates lower than their utility bills at the time of contract signing.

SolarCity (NASDAQ: SCTY) is a company that provides clean energy, disrupting the traditional energy industry by offering renewable electricity directly to homeowners, businesses, and government organizations at costs lower than their utility bills. SolarCity ensures customers have control over their energy costs, protecting them from rising rates. The company simplifies the adoption of solar energy by handling all aspects, from design and permitting to monitoring and maintenance.

This news release contains forward-looking statements about SolarCity’s expected cost reductions, future transactions, and other matters. Readers should be aware that these forward-looking statements are not guarantees of future performance or results and may not accurately predict future outcomes. The release includes risks and uncertainties that could cause actual performance or results to differ materially from the forward-looking statements. SolarCity has filed a quarterly report on Form 10-Q with the Securities and Exchange Commission, detailing certain risks and uncertainties associated with their operations. The company does not undertake any obligation to publicly update or revise any forward-looking statements.