Rabobank & SolarCity Collaborate on Project Financing

Rabobank and SolarCity are collaborating on a range of new solar projects with Rabobank providing project financing for numerous solar projects across SolarCity’s service areas.

While this new collaboration is still evolving, Rabobank, N.A. also announced that SolarCity will complete the installation of six new solar power systems on branch locations throughout California.

“We’re very pleased that this transaction marks our first solar energy project financing in the U.S. market and is the ninth transaction since we launched our renewable energy business in the Americas less than one year ago,” said Ron Klein, managing director with Rabobank’s Renewable Energy and Infrastructure Finance (REIF) group in New York. “In the solar space, this is an ideal fit for our portfolio as we continue to look for opportunities in aggregated distributed generation as well as utility scale solar.”

In 2009, Rabobank and SolarCity collaborated on a series of electric vehicle charging stations co-located at Rabobank branches along highway 101 to connect San Francisco and Los Angeles. The six new solar installations are intended to complete the solar component of the corridor, providing clean, renewable power at or near each EV charging station to offset the electricity needed to charge the vehicles.

SolarCity is installing new solar systems at Rabobank branch locations in Atascadero, Castroville, El Centro, Paso Robles, Pismo Beach and Salinas, California. The new installations cumulatively total 200 kilowatts of new solar capacity and are expected to offset an estimated 50 percent of Rabobank’s energy use at the six locations.

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