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July 27, 2015 10:11 PM ET

Electrical Equipment

Company Overview of SolarCity Corporation

Company Overview

SolarCity Corporation designs, manufactures, installs, maintains, monitors, leases, and sells solar energy systems to residential, commercial, government, and other customers in the United States. It offers solar energy systems; solar lease and power purchase agreement finance products; mounting hardware for photovoltaic panels; and related software, as well as develops a proprietary battery management system, which is designed to enable remote, bidirectional control of distributed energy storage that can provide benefits to customers, utilities, and grid operators. The company also sells electricity generated by solar energy systems to customers. It offers its products and services through ...

3055 Clearview Way

San Mateo, CA 94402

United States

Founded in 2006

9,012 Employees

Phone:

650-638-1028

Key Executives for SolarCity Corporation

Co-Founder, Chief Executive Officer and Director
Age: 38
Total Annual Compensation: $275.0K
Co-Founder, Chief Technology Officer and Director
Age: 40
Total Annual Compensation: $276.1K
Chief Financial Officer
Age: 51
Total Annual Compensation: $194.0K
Chief Operations Officer
Age: 37
Total Annual Compensation: $250.0K
Executive Vice President, General Counsel and Secretary
Age: 46
Total Annual Compensation: $390.4K
Compensation as of Fiscal Year 2014.

SolarCity Corporation Key Developments

SolarCity Corporation Announces Board Changes

SolarCity Corporation announced that Bennet Van de Bunt informed the Board of Directors of the company of his decision to resign from the Board, effective as of July 20, 2015. The Board accepted Mr. Van de Bunt's decision. The Nominating and Corporate Governance Committee of the Board has recommended that Donald R. Kendall, Jr. be appointed to the Compensation Committee of the Board. It is anticipated that the Board will act upon the recommendation of the Nominating Committee at the next Board meeting.

SolarCity Corp. Offers Series of Solar Bonds for Combined Maximum Principal Amount of Up to $25 Million

SolarCity Corp. is offering five series of solar bonds for a combined maximum principal amount of up to $25 million. The offering comprises up to $5 million of each of 1.60% bonds, series 2015/C68-1, due 2016; 2.65% bonds, series 2015/C69-3, due 2018; 3.60% bonds, series 2015/C70-5, due 2020; 4.70% bonds, series 2015/C71-10, due 2025; and 5.45% bonds, series 2015/C72-15, due 2030. The bonds mature Aug. 6 of the specified year. The bonds are senior unsecured obligations of the company.

SolarCity Corporation's Subsidiary Enters into an Amendment to Revolving Credit Facility

On July 13, 2015, a subsidiary of SolarCity Corporation entered into an amendment to a revolving credit facility originally entered into on May 4, 2015 with a syndicate of banks including Bank of America, N.A., as administrative agent and collateral agent, Bank of America, N.A. and Credit Suisse Securities (USA) LLC, as joint structuring agents, Bank of America, N.A., Credit Suisse Securities (USA) LLC and Deutsche Bank AG, New York Branch, as joint book runners and joint lead arrangers, and KeyBank N.A. and ING Capital, LLC as additional lenders. The Amendment was entered into in connection with a $150,000,000 increase to the amount that Borrower is permitted to borrow under the Credit Facility, up to a maximum of $650,000,000, and the addition of two new lenders to the Credit Facility.

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