US company SolarCity has priced a solar bond backed by cash flows from a pool of 6,596 mainly residential solar panel systems and power purchase agreements in California, Arizona, and Colorado.
Expected bond figure is $70.2 million, but the bond doesn't close until Thursday this week. Interest rate is 4.59%. Credit Suisse is structurer and sole bookrunner.
This is SolarCity's second solar securitization in six months. Their previous (ground-breaking) bond was for $54.4 million with an interest rate of 4.8% - but 13 year tenor.
