SolarCity Corp (NASDAQ:SCTY) continues to expand their operations by launching a new operations center in Delaware. SolarCity is expecting to hire around 12 people at the location in Delaware over the next few months. SolarCity previously had limited service in Maryland and New Jersey, but now the new location will be able to better service Delaware and the entire eastern shore of Maryland.
SolarCity Corp (SCTY) acquires Common Assets for individuals and small businesses to invest in solar panels
SolarCity Corp (NASDAQ:SCTY) has acquired Common Assets, a company that has developed software that allows individuals and small businesses to invest in solar panel projects. Generally, large banks and institutional investors were the only ones that could invest in solar project funds. SolarCity is responsible for around a third of all new solar panel projects being built on home rooftops in the U.S.
According to Green Tech Media, SolarCity Corp (NASDAQ:SCTY) has installed four times more solar than their nearest competitor last year. SolarCity was able to widen their lead over competitors and increased their U.S. market share to 32% during 2013.
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SolarCity Corp (NASDAQ:SCTY) has announced that they have increased the size of their Corporate Revolver to $200 million. The three-year credit facility bears interest of 2.25% over Base Rate or 3.25% over LIBOR. Bank of America Merrill Lynch is the Sole Lead Arranger and Sole Bookrunner with five participating lenders. SolarCity will be using the expanded credit facility to fund their growth. SolarCity has a goal of passing 1 million customers by 2018.
As part of an effort to develop a solution to cut the special power fees associated with periods of highest demand, SolarCity is partnering with Tesla Motors on a new battery system. The batteries are about the size of a small fridge and the software can control when a building’s operations run on power from the solar array. The battery system is called DemandLogic and it will allow businesses to store electricity at times of highest demand.
There is no double that Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk is a creative genius. On top of selling PayPal for billions of dollars to eBay, he is also the CEO of SpaceX and Tesla Motors. When he is not working at the his automotive and aeronautics company, he is coming up with ambitious transportation ideas like the Hyperloop and chairs solar energy company SolarCity.
SolarCity Corp (NASDAQ:SCTY) and the Kauai Island Utility Cooperative (KIUC) has broken the ground at the $40 million solar facility in Koloa. After the project is completed, the 12-megawatt array will be the largest solar facility in Hawaii. It will have 45,000 panels that generates 5% of Kauai’s electricity.
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SolarCity Corp (NASDAQ:SCTY) is currently seeking a buyer for $54.4 million in asset-back notes in a private placement. The notes have a scheduled maturity date of December 2026 and is secured by a pool of solar systems, related leases, power-purchase agreements, and other rights. Based in San Mateo, California, SolarCity is the second largest U.S. solar company after First Solar Inc.