SolarCity announce $131m fund for new solar projects

SolarCity announce $131m fund for new solar projects

SolarCity (NASDAQ:SCTY) has announced it has secured US$131 million to fund residential, commercial and military solar projects.

The fund will cover the capital cost of solar system equipment and installation making it possible for solar energy to be cheaper for homeowners than electricity from the grid.

The top residential and commercial solar provider in the US said it will continue to look for financing to fund further projects.

“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.

The solar industry installed more than seven gigawatts in 2015, the largest annual total ever and 16 per cent more than in 2014.

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