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.
“This expanded credit facility provides the upfront working capital to meet our operational growth projections,” stated SolarCity Corp (NASDAQ:SCTY) chief financial officer Bob Kelly. “The facility represents the continued implementation of our financial strategy to drive down the cost of capital and increase the sources of capital for our distributed energy business.”
SolarCity Corp (NASDAQ:SCTY) offers renewable electricity to homeowners, businesses, and government organizations for less than what they spend on utility bills. SolarCity Corp (NASDAQ:SCTY) offers solar power, electric vehicle services, and energy efficiency. SolarCity Corp (NASDAQ:SCTY) currently operates in 14 states and signs a new customer every five minutes.