SolarCity to Expand in Commercial With $1 Billion Fund

(Bloomberg) — SolarCity Corp., the biggest U.S. solar

power supplier to homes, plans to use $1 billion in funding led

by Credit Suisse Group AG to strengthen its lead in commercial

rooftops.

The financing will help SolarCity build 300 megawatts of

solar rooftops and carports for businesses, government agencies

and schools over the next two years, the San Mateo, California-based company said Wednesday in an e-mailed statement. It has

installed 1,800 commercial solar systems to date for clients

including Wal-Mart Stores Inc. and Intel Corp.

SolarCity was the largest installer of solar rooftops for

both homes and businesses last year, beating rivals including

SunEdison Inc., SunPower Corp. and Vivint Solar Inc., according

to GTM Research.

Improvements to racking systems that snap together and

require fewer attachments to the roof have reduced the time it

takes to build some commercial rooftops to as few two days from

about two weeks.

The financing round with Credit Suisse was completed in

February. It was followed by a $300 million fund for residential

rooftops from Google Inc. last month.

To contact the reporter on this story:

Christopher Martin in New York at

cmartin11@bloomberg.net

To contact the editors responsible for this story:

Reed Landberg at

landberg@bloomberg.net

Will Wade, Robin Saponar

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us