SolarCity and Rabobank Announce $42.5 Million Fund for Commercial Solar Projects
Latest collaboration will fund construction of over 30 corporate solar installations
NEW YORK, NY and SAN MATEO, Calif., March 15, 2012—Rabobank and SolarCity® today announced $42.5 million in structured financing to fund over 30 commercial solar projects in California. This new fund is the latest iteration of a Rabobank-SolarCity collaboration that has produced a solar-powered electric vehicle charging corridor to connect Los Angeles and San Francisco, and a series of solar installations at local bank branches in California.
“We can allow many businesses to install solar panels for free, and pay less for solar electricity than they pay for utility power,” said Lyndon Rive, chief executive officer of SolarCity. “With the help of strong partners like Rabobank, we’re allowing businesses to generate their own clean power and improve their bottom lines at the same time.”
Since the expansion of its renewable energy finance platform to the Americas in 2009, Rabobank has become a leader in the U.S. renewable energy project finance field, focusing primarily on the solar, wind and bio-mass sectors.
“We’re thrilled to be working with SolarCity on this transaction, as financing development of renewable energy continues to be a key priority for us,” said Edward Levin, executive director at Rabobank.
“In 2010, we partnered with SolarCity to bring solar energy to a number of our branches in California, and we’re excited to help other businesses do the same,” said Marco Krapels, executive vice president at Rabobank, N.A., the California retail banking division.
SolarCity can allow a wide range of organizations to install solar panels for free, and pay less for solar electricity than they pay for utility power. The company now has more than 1,000 solar projects completed or underway for U.S. businesses and non-profit organizations.
About Rabobank International
Rabobank is a global financial services leader providing institutional and retail banking as well as financial solutions for the agricultural and renewable energy sectors in key markets around the world. From its century-old roots in the Netherlands, Rabobank has grown into one of the largest banks worldwide, with more than $850 billion in total assets and operations across 40 countries. Rabobank holds top credit ratings from Standard & Poor’s and Moody’s, and is ranked among the world's safest banks by Global Finance magazine.
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 offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.