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.