SolarCity Creates $200 Mln Financing Facility With Credit Suisse - Quick Facts

(RTTNews) - SolarCity Corp. (SCTY) said it has created a new $200 million non-recourse financing facility with Credit Suisse Group AG (CS) to finance the purchase of solar energy systems through SolarCity's new MyPower loan program.

SolarCity noted that its customers pay for MyPower similar to the way they pay for a solar power purchase agreement or PPA - based on the energy the system produces from the sun - but they retain ownership of the solar panels. More than 8,000 customers have already signed up just three months after the product's introduction in October 2014.

Credit Suisse acts as sole structuring agent and administrative agent, while 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.