SolarCity’s to finance over US$131 mn in solar projects

SolarCity Corporation closed a new tax equity fund to finance over US$131 million in residential, commercial and military solar projects. The financing partner was not disclosed. The fund covers the capital cost of solar equipment and installation, making it possible for many homeowners to pay less for the power the systems produce than they pay for electricity from the local utility.

“This is the second tax equity fund we’ve closed during the first quarter as we continue our cash generation post–ITC extension and plan to continue our momentum,” said Radford Small, SolarCity’s Executive Vice President, Capital Markets.