SolarCity, based in San Mateo, Calif., is a national leader in clean energy services that provides end-to-end solar solutions including permitting, local installation, ongoing monitoring, maintenance, and repairs. The company enables customers to install solar panels with little or no upfront cost and instead pay only for the solar electricity produced at rates discounted versus utility power. SolarCity operates from 25 locations distributed across the U.S. The company collaborated with Credit Suisse on capital to build out additional solar panel installations and expand customer access. SolarCity’s structured-finance efforts are used to defray upfront equipment and installation costs so customers can adopt solar more affordably. The recent investments support the company’s core model of offering long-term, lower-rate clean energy alternatives to utility bills. SolarCity provides end-to-end clean energy services, from permitting and installation to ongoing monitoring and maintenance, allowing customers to lock in lower long-term rates for renewable electricity. The company serves homeowners, businesses and government organizations and markets its offerings as cheaper than utility power. SolarCity reports more than 30,000 clean energy projects completed or underway and has hired over 1,500 full-time employees to support its vertically integrated model. The company was named #10 on Fast Company’s list of the 50 most innovative companies in the world in 2012. Management says the new financing will fund expansion of sales, marketing and operations, technology development and potential acquisitions. The company is headquartered in San Mateo, Calif. SolarCity provides financing, design, development and installation services for residential and commercial solar power projects. The company offers SolarLease and power purchase agreement (PPA) offerings and plans to use newly established funds to finance those products. In February it acquired two East Coast installers (a division of groSolar and Clean Currents’ solar division) to expand beyond the sun belt. SolarCity reports 14 solar project financing funds arranged via six financial partners, 14,000 solar customers, 24 centers of operation in 11 states, and more than 1,000 employees. The company recently added $158 million to its project-financing pool through a partnership with U.S. Bancorp, bringing its total financing capacity to over $1 billion. Its nearest competitor, SunRun, by comparison, has about $600 million in financing capacity. SolarCity is a San Mateo, Calif.-based company that designs and installs residential solar power systems and secures financing for those projects. The company operates a residential solar financing business and has attracted financial partners to fund customer installations. In 2011 Citigroup committed $40 million to finance U.S. home solar projects, and SolarCity says its partner financing deals typically range from $40 million up to more than $100 million. Since mid-2008 the company has closed 12 funding deals of this type, with more than half returning as larger repeat financings. SolarCity cites strong operating performance — systems have produced about 5–8% more kilowatt hours than estimated — and a very low delinquency rate, with 99.9% of customers paying on time. Competitors mentioned include SolarUniverse (residential) and Greenbridge Energy Consortium (commercial/institutional). SolarCity designs, installs and provides finance options for the development of solar projects for businesses, homeowners and government agencies. The company announced a $21.5 million funding round led by Mayfield Fund. SolarCity plans to use the latest venture funding to expand into new geographic markets and entertain acquisitions. Its projects to date are in five states: Arizona, California, Colorado, Oregon and Texas. SolarCity has also partnered with Rabobank, which agreed to provide solar project financing for its commercial clients and installed solar rooftops at six retail locations. The Rabobank–SolarCity installations provide renewable power for the banks and customers such as Tesla vehicles along California’s Highway 101 clean corridor.

Total raised

$401M

Funding rounds

5

Latest round

Equity

Latest activity

Jul 2012