solarcity corp (SCTY) Key Developments
SolarCity Announces Roseville Office Expansion
Mar 27 15
SolarCity announced its move into a vast new Roseville, California office to accommodate its growing local staff. The company currently employs more than 450 in sales, project management, marketing, design and IT roles at the location, and the company expects to boost its local workforce by 65% in 2015, hiring at least 300 additional employees to the inside sales team. The company inaugurated the new office on March 27, 2015 with a ribbon cutting ceremony. The bulk of the company's national inside sales team, which provides virtual solar energy consultations and services to customers in 16 states, is housed in Roseville. The new 60,000-square foot facility at 1000 Enterprise Way consolidates employees from five disparate offices in neighboring Granite Bay where Paramount Solar, acquired by SolarCity in 2013, was previously located. More than 250 employees also work at the company's Sacramento operations center, which provides solar installation services to the Sacramento metro area.
Town to Lease About One Quarter of Its Undeveloped Industrial Park on Old Forge Road to SolarCity Corp
Mar 18 15
The sun could soon provide 92% of the energy needed in town-owned buildings and schools under a lease-purchase agreement negotiated with SolarCity Corp. The town has agreed to lease about one quarter of its undeveloped industrial park on Old Forge Road to SolarCity. SolarCity would install ground-mounted solar panels on 16 of the site's 61 acres. The power generated would be sold to the town at a fixed, discounted rate for 20 years. The agreement was approved without dissent on March 16, 2015 night by the town council. It remains contingent on successful bids by the company for clean-energy credits in Eversource Energy's zero emission renewable credit auction next month, and its admission into a metering program that provides financial incentives for municipal customers to install clean-energy generators. If the deal goes through, SolarCity will sign one or more lease-purchase power agreements with the town and install three interconnected blocks of solar panels. Each block would generate 1.3 megawatts, creating a total capacity to 3.9 megawatts. The town would agree to buy power at a fixed cost of 10 cents a kilowatt hour over the lifetime of the agreements. The power would supply 92% of the town's current usage. Projected savings would total $5.4 million over the 20-year term, and SolarCity would pay an annual lease fee of $30,000 per block -- $90,000 if all three blocks are successfully bid, netting $1.8 million in lease fees. The potential net economic benefit to the town amounts to $7.2 million, SolarCity project development manager Miles Hovis said. There are no upfront costs to the town.
SolarCity Appoints Marco Krapels as Senior Vice President of Structured Finance and Strategy
Mar 17 15
SolarCity announced the appointment of Marco Krapels as Senior Vice President of Structured Finance and Strategy. Krapels will report to Chief Financial Officer Brad Buss and oversee the company's project financing division. Krapels joins SolarCity from Pegasus Capital Advisors, where he was a partner. Prior to that, he was an Executive Vice President with Rabobank, managing various divisions over his 18-year career with the multinational banking and financial services company.
SolarCity Launches GridLogic
Mar 16 15
SolarCity unveiled GridLogic, a microgrid service that combines distributed energy resources-solar, batteries and controllable load-to enable a cleaner, more resilient and more affordable way of providing power. SolarCity's microgrid service ensures that any community anywhere in the world vulnerable to power outages and high energy costs-including remote or island communities, hospitals and military bases-can have dependable, clean power when the grid is down. GridLogic can operate either in conjunction with or independently of the utility grid. As with all SolarCity products and services, GridLogic comes with affordable financing options, including payment programs with little to no upfront cost. GridLogic can provide electricity to communities for less than they pay for utility power with the added benefit of backup power for emergency services. SolarCity's in-house grid engineering team will design and install each GridLogic project with a system of software-based monitoring and controls that manage the mix of distributed energy resources and utility power to maximize savings. The first decade of the 21st century saw 3,496 natural disasters, nearly a fivefold increase over the 1970s. Severe weather events can cause prolonged power outages that cut off access to critical public resources—Hurricane Sandy alone caused more than 8.5 million power outages across 21 states. Communities around the world are seeking ways to continue to power critical resources and guarantee public safety and security in the aftermath of these events. GridLogic gives them a cleaner, more affordable way to do so. SolarCity's microgrid service is now available worldwide.
SolarCity Seeks Acquisitions
Mar 16 15
SolarCity Corporation (NasdaqGS:SCTY) announced a fixed-income offering. SolarCity said, "We intend to use the net proceeds from this offering for working capital and other general corporate purposes, including the financing of additional solar installations and/or financing potential acquisitions and strategic transactions."