SolarCity Prepares to Securitize Bundle of 5,600 Rooftop Systems

  • California, Colorado and Arizona assets make up most of bundle
  • SolarCity completed its fifth securitization in January

SolarCity Corp., one of the most-active clean-energy companies in the asset-backed securities market, is preparing to securitize a portfolio of more than 5,600 U.S. residential rooftop systems.

Most of the systems, more than 83 percent percent of the portfolio, are in California, Colorado and Arizona, SolarCity said in a filing Feb. 5. Rooftops in New York, New Jersey and Hawaii each represent at least one percent.

The portfolio comprises long-term leases and power-purchase agreements. Details of the deal, including the size of the securitization and when it’s expected to be completed, weren’t disclosed.

SolarCity completed in January its fifth securitization, a $185 million private placement of U.S. solar loans.

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