SolarCity Arranges Financing for $188M in Solar Projects

SolarCity Corp., the most prolific installer of rooftop panels in the U.S., obtained financing to support about $188 million in solar projects. The investment will cover the costs of equipment and installation.

Bank of America Corp. and an undisclosed backer provided the tax-equity investment, SolarCity said in a statement Thursday. In tax-equity deals, clean-energy developers with little or no taxable income sell portions of their projects’ tax credits to investors who can apply the credits to their own tax bills.

©2016 Bloomberg News

Lead image: Solar worker. Credit: Shutterstock.

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