SolarCity announced it increased the size of its corporate revolver to $200 million. Bank of America Merrill Lynch is the sole lead arranger and sole bookrunner, with an additional five participating lenders.
The expanded credit facility will be used primarily to fund SolarCity’s growth. The company has set a goal to surpass 1 million customers in 2018.
The three-year credit facility bears interest of 2.25% over base rate or 3.25% over LIBOR.
“This expanded credit facility provides the upfront working capital to meet our operational growth projections,” said Bob Kelly, SolarCity’s CFO. “The facility represents the continued implementation of our financial strategy to drive down the cost of capital and increase the sources of capital for our distributed energy business.”
SolarCity provides clean energy.