SolarCity Draws $1-Billion Investment for 320 MW of New Capacity
SolarCity is poised to install 320 megawatts of new commercial solar capacity over the next two years, buoyed by more than $1 billion in funding from a group led by Credit Suisse.
“SolarCity has installed more than 1,800 commercial solar projects in 21 states to date, and we’ve barely scratched the surface of the addressable market,” said CFO Brad Buss. Greentech links the financing deal to cost reductions SolarCity was able to deliver by acquiring Zep Solar, developer of a low-cost mounting system for residential panels.
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“Just as Zep was a step-function improvement on the residential side, innovations on the commercial side are proving to be just as powerful,” said Erik Fogelberg, SolarCity’s vice president of commercial sales and storage solutions.
“Fogelberg noted that a 200-kilowatt project that once might have taken two weeks to complete now takes two days. That comes with a ‘massive reduction in labour costs’ and what he called ‘a really clean install,’” Wesoff writes.
“It’s now the only technology we’re using on commercial rooftops,” Fogelberg said.