to-the-point SolarCity raises USD 40m by monetising SRECs
April 4 – US solar systems provider SolarCity Corp (NASDAQ:SCTY) said today it has closed a solar renewable energy certificate (SREC) deal that will provide up to USD 40 million (EUR 35m) of residential and commercial solar funding.
The transaction, which is subject to satisfying certain conditions, was completed on March 31 with an undisclosed international banking partner. It will monetise the stream of SRECs generated by a portion of the company’s underlying projects.
“Solar renewable energy certificates have economic value that can be monetized and this first of its kind, stand-alone financing is evidence of the maturity of the SREC market,” said Ron Klein, SolarCity vice president, capital markets.
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