SolarCity (SCTY), the newly public, fast-growing installer and financier of distributed energy, is having a breakout 2013. The company just raised its 2013 guidance to 270 megawatts deployed, up from its mid-May guidance of 250 megawatts.
SolarCity was the number-one-ranked residential solar installer in 2012 in California, Arizona, Massachusetts and Maryland in 2012.
As GTM VP of Research Shayle Kann notes in a recent article, “In the first quarter of this year, there were 71.3 megawatts of residential solar installed in California’s three investor-owned utility territories, according to our just-released U.S. Solar Market Insight report. Of that total, 13.2 megawatts (18.5 percent) were installed without the support of rebates from the California Solar Initiative (CSI) or any other state-level program.
That line is worth repeating: “13.2 megawatts (18.5 percent) were installed without the support of rebates from the California Solar Initiative (CSI) or any other state-level program.”
Solar, competitive with the grid, without state and local subsidies could be a watershed moment in the solar power story. (Note that the federal 30 percent Investment Tax Credit is still in effect through 2016.)
The company has had other recent positive news:
- The firm just announced a $175 million offering of senior convertible notes, the proceeds to be used “for general corporate purposes, which includes working capital, capital expenditures, potential acquisitions and strategic transactions.”
- Last week, the firm garnered a $100 million loan from Credit Suisse Securities, ING Capital LLC and Rabobank to finance more solar installations.
- A month ago, the company struck a $500 million financing deal with Goldman Sachs. SolarCity specifically mentions the goal of opening up solar to consumers with lower credit scores in this release. Jimmy Chuang, SolarCity’s VP of structured finance, said, “We expect to be able to expand our offering to a broader customer base by lowering the credit requirements even further in future financings,” according to a statement.
- On a non-solar note, SolarCity has begun installing grid-tied residential and small-commercial energy storage-solar system hybrids. More details here.
Here’s a history of SolarCity’s revenues: