SolarCity and Rabobank Announce $42.5 Million Fund for Commercial Solar Projects
March 15 2012 - 11:45AM
Business Wire
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.
About SolarCity
SolarCity®—a national leader in clean energy services—provides
homeowners, business and government organizations cleaner, more
affordable alternatives to their utility bills. The company makes
it simple for customers to lock in lower, long-term rates for clean
energy by providing everything from permitting and installation to
ongoing monitoring and maintenance. Additional information about
the company is available on the Web at www.solarcity.com.