SolarCity, BofA Merrill Lynch, KeyBank, and Silicon Valley Bank have created an US$160 million financing facility for residential solar projects on January 22. The five-year term was closed by SolarCity and the banks acting as Joint Lead Arrangers on the transaction.

The facility is secured by a portfolio of high quality, long-term customer systems. The financing allows SolarCity to recycle capital to continue growth and will make it possible for SolarCity to continue offering power generated by solar energy systems to customers for less than they pay for utility bills at the time the customer contracts are signed.