SolarCity has announced a new $200 million nonrecourse financing facility with Credit Suisse to finance the purchase of solar energy systems through SolarCity's new MyPower loan program.
SolarCity's customers pay for MyPower similar to the way they pay for a power purchase agreement, but they retain ownership of the solar panels. SolarCity says more than 8,000 customers have already signed up for the program since it began in October.
Credit Suisse is acting as sole structuring agent and administrative agent, and U.S. Bank serves as the trustee for the financing facility. After the MyPower systems financed by the Credit Suisse facility are fully deployed, SolarCity expects to refinance the facility in the securitization market.