SolarCity, Credit Suisse Team on Second Round of Investment to Offer Customers Affordable Solar Electricity; Two Investments Total $200 Million
Companies finalize second of two investments that allow SolarCity customers to pay less for solar power than they would pay for power from utilities
SAN MATEO, Calif., July 25, 2012—SolarCity, a national leader in clean energy services, today announced that it has collaborated with Credit Suisse (NYSE: CS) on a second round of investment to build solar panel installations. Each round included an investment of $100 million from Credit Suisse, for a total of $200 million.
“Investments like this help us provide solar electricity at a discount to utility power to a wide range of homeowners and businesses,” said Benjamin Cook, SolarCity’s vice president of structured finance.
The investments defray the upfront cost of solar panels for SolarCity customers, making it possible for them to install the solar panels for free and pay only for the solar electricity they produce at a discount to utility rates. SolarCity manages the entire process—from permitting and local installation to ongoing monitoring and repairs—from 25 locations distributed across the U.S.
Businesses and homeowners interested in SolarCity’s options can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) or visit www.solarcity.com.
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.