SolarCity Corp (NASDAQ:SCTY) announced it has closed a new $150 million non-recourse financing facility with Credit Suisse to support deployment of commercial solar energy systems—including battery storage systems—for businesses, schools and government organizations across the U.S. The facility will be secured by a portfolio of high quality, long-term commercial systems and contracts.

SolarCity commercial systems include ZS Peak, proprietary mounting hardware which can reduce project build time from multiple weeks to just a few days. Battery storage projects are supported by DemandLogic, an intelligent battery storage system that enables businesses to further reduce energy costs by using stored electricity to reduce peak demand and associated utility demand charges.

“Our asset portfolio enables us to continually bring in new capital from top tier institutional and corporate investors,” said Jeff Munson, Director, Structured Finance, of SolarCity. “Additionally, our proprietary, in-house technology provides us competitive advantages that have led us to become one of the top commercial solar providers in the U.S.”

Credit Suisse acted as sole structuring agent for the transaction. It is the latest in a series of partnerships between SolarCity and Credit Suisse — the financial services leader that has previously acted as structuring agent and bookrunner for SolarCity’s industry-first securitization transactions. (Original Source)

Shares of SolarCity closed today at $27.98, up $1.25 or 4.68%. SCTY has a 1-year high of $63.79 and a 1-year low of $16.31. The stock’s 50-day moving average is $22.95 and its 200-day moving average is $34.13.

On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on March 30, Deutsche Bank analyst Vishal Shah reiterated a Buy rating on SCTY, with a price target of $49, which represents a potential upside of 75.1% from where the stock is currently trading. Separately, on March 29, Axiom’s Gordon Johnson maintained a Sell rating on the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Vishal Shah and Gordon Johnson have a total average return of -23.5% and 15.0% respectively. Shah has a success rate of 24.2% and is ranked #3754 out of 3762 analysts, while Johnson has a success rate of 64.4% and is ranked #114.

Overall, one research analyst has rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $41.33 which is 47.7% above where the stock opened today.

SolarCity Corp. engages in the business of renewable energy services such as, solar energy products and services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations.