SolarCity use $1b funding to boost commercial solar rooftops
SolarCity, the leading supplier of solar power to homes in the United States, will use $1 billion in funding led by Credit Suisse Group AG to strengthen its share commercial rooftops.
The financing will help SolarCity build 300 megawatts of solar rooftops and carports for firms, government agencies and schools over the next two years, the California-based company said on Wednesday.
It has currently installed 1,800 megawatts of commercial solar power systems for clients including Wal-Mart and Intel.
SolarCity was the leading installer of solar rooftops for both homes and businesses in 2014.
Improvements to racking systems that require fewer attachments to the roof have reduced the time it takes to build some commercial systems from 2 weeks to just 2 days in some cases.
The financing round with Credit Suisse was completed in February and was followed by a $300 million fund for residential rooftops from Google in March.