Wednesday, July 25, 2012

SolarCity, Credit Suisse Team on Second Round of Investment to Offer Customers Affordable Solar Electricity; Two Investments Total $200 Million


SAN MATEO, Calif.--(BUSINESS WIRE)--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.

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.