SAN MATEO, CA, CALIF., Jan. 14, 2015 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq: SCTY) today announced a new $200 million non-recourse financing facility with Credit Suisse to finance the purchase of solar energy systems through SolarCity's new MyPower loan program. SolarCity's customers pay for MyPower similar to the way they pay for a solar power purchase agreement (PPA)—based on the energy the system produces from the sun—but they retain ownership of the solar panels. MyPower has been extremely popular—more than 8,000 customers have already signed up scarcely three months after the product's introduction in October.
"MyPower is America's most affordable solar loan, with a lower cost than PPAs in many locations," said Brad Buss, SolarCity's chief financial officer. "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."
Credit Suisse acts 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.
About SolarCity
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs up approximately one new customer every minute of the work day. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding future financing strategies and customer deployment. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's most recent quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.