SolarCity and Goldman Sachs Create Largest U.S. Rooftop Solar Lease Financing Platform

  SolarCity and Goldman Sachs Create Largest U.S. Rooftop Solar Lease
  Financing Platform

 Collaboration Expected to Fund more than $500 Million in Solar Projects, 110
                         Megawatts of Solar Capacity

Business Wire

SAN MATEO, Calif. & NEW YORK -- May 16, 2013

SolarCity (Nasdaq: SCTY), a leading provider of clean energy, today announced
a lease financing agreement with Goldman Sachs (NYSE: GS) to fund more than
$500 million in solar power projects; an estimated 110 megawatts in generation
capacity for homeowners and businesses.

The financing makes it possible for homeowners, businesses, government and
other non-profit organizations to install solar panels with no upfront cost
and pay less for clean, solar electricity than they currently pay for utility
bills. The agreement was initiated in 2012 and expanded per its initial terms
at the end of April. The combined lease financing is the largest of its kind
announced in the U.S. for homeowners’ rooftops. The financing has already
enabled approximately 26 megawatts (MW) of new solar generation to be
deployed, and the remainder is reflected in the 158 MW of available financing
as of May 10, 2013 reported in SolarCity’s announcement of financial results
earlier this week.

“We are excited about the opportunity in distributed solar, which has the
potential to both lower energy costs and create jobs,” said Stuart Bernstein,
Global Head of Clean Technology and Renewables at Goldman Sachs. “Our firm has
set a target of $40 billion in financings and investments in renewable energy
over the next decade, and we believe SolarCity’s range of distributed solar
solutions targeting a wider customer base will help us move toward a low
carbon energy future.”

As more investors have become familiar with the reliability and quality of
solar as a technology and an asset class, it has become possible to expand the
pool of available financing and offer options to a broader range of potential
customers, including those with lower credit profiles. SolarCity and Goldman
Sachs have created an attractive financing structure to further lower the cost
of capital of financing solar. The financing can make it easier to fund
projects for schools, municipalities and other organizations that are not
publicly rated.

“The Goldman lease financing will make affordable solar electricity available
to more types of homeowners and organizations,” said Jimmy Chuang, SolarCity’s
vice president of structured finance. “We expect to be able to expand our
offering to a broader customer base by lowering the credit requirements even
further in future financings.”

Businesses and homeowners interested in SolarCity’s energy services can
contact the company directly at 1-888-SOL-CITY (1-888-765-2489) or visit
www.solarcity.com/request.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking,
securities and investment management firm that provides a wide range of
financial services to a substantial and diversified client base that includes
corporations, financial institutions, governments and high-net-worth
individuals. Founded in 1869, the firm is headquartered in New York and
maintains offices in all major financial centers around the world.

About SolarCity

SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the
century-old energy industry by providing renewable electricity directly to
homeowners, businesses and government organizations for less than they spend
on utility bills. SolarCity gives customers control of their energy costs to
protect them from rising rates. The company offers solar power, energy
efficiency and electric vehicle services, and makes clean energy easy by
taking care of everything from design and permitting to monitoring and
maintenance.SolarCity currently serves 14 states and signs a new customer
every five minutes. Visit the company online atwww.solarcity.comand follow
the company onFacebook&Twitter.

This release contains forward-looking statements including, but not limited
to, statements regarding expected generation capacity and available financing.
Forward-looking statements should not be read as a guarantee of future
performance or results, and will not necessarily be accurate indications of
the times at, or by, which such performance or results will be achieved, if at
all. Forward-looking statements are subject to risks and uncertainties that
could cause actual performance or results to differ materially from those
expressed in or suggested by the forward looking statements. You should read
the section entitled “Risk Factors” in SolarCity’s quarterly report on Form
10-Q, which has been filed with the Securities and Exchange Commission and
identifies certain of these and additional risks and uncertainties. SolarCity
does not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information, future
developments or otherwise.

Contact:

SolarCity
Jonathan Bass, 650-963-5156
jbass@solarcity.com
or
Goldman Sachs
Andrew Williams, 212-357-0005
andrew.williams@gs.com
 
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