Rooftop, Solar

SolarCity Prepares to Securitize Bundle of 5,600 Rooftop Systems

SolarCity Corp., one of the most-active clean-energy companies in the asset-backed securities market, is preparing to securitize a portfolio of more than 5,600 U.S. residential rooftop solar systems.

Most of the systems, more than 83 percent percent of the portfolio, are in California, Colorado and Arizona, SolarCity said in a filing Feb. 5. Rooftops in New York, New Jersey and Hawaii each represent at least one percent.

The portfolio comprises long-term leases and power-purchase agreements. Details of the deal, including the size of the securitization and when it’s expected to be completed, weren’t disclosed.

SolarCity completed in January its fifth securitization, a $185 million private placement of U.S. solar loans.

©2016 Bloomberg News

Lead image: Solar technician on roof. Credit: Shutterstock.