Daily News: January 15, 2015

Credit Suisse Agents $200MM SolarCity Financing

SolarCity announced a $200 million non-recourse financing facility with Credit Suisse to finance the purchase of solar energy systems through SolarCity’s new MyPower loan program.

Credit Suisse acted as sole structuring agent and administrative agent, and U.S. Bank serves as the trustee for the financing facility. After the MyPower systems financed by the Credit Suisse facility are fully deployed, SolarCity expects to refinance the facility in the securitization market.

“MyPower is America’s most affordable solar loan, with a lower cost than PPAs in many locations,” said Brad Buss, SolarCity’s CFO. “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 provides clean energy.