Rabobank and SolarCity Announce Project Financing for Solar Projects, and Six New Solar Installations in California

Thu Jul 15, 2010 1:01pm EDT

* Reuters is not responsible for the content in this press release.

NEW YORK & FOSTER CITY, Calif.--(Business Wire)--
Rabobank and SolarCity today announced a collaboration on a range of new solar
projects. Rabobank is providing project financing for numerous solar projects
across SolarCity`s service areas. Separately, Rabobank, N.A., the community
bank, also announced that SolarCity will complete the installation of six new
solar power systems on branch locations throughout California. 

"We`re very pleased that this transaction marks our first solar energy project
financing in the U.S. market and is the ninth transaction since we launched our
renewable energy business in the Americas less than one year ago," said Ron
Klein, managing director with Rabobank`s Renewable Energy and Infrastructure
Finance (REIF) group in New York. "In the solar space, this is an ideal fit for
our portfolio as we continue to look for opportunities in aggregated distributed
generation as well as utility scale solar." 

In July of last year, Rabobank expanded its successful European REIF business to
the Americas, focusing on large-scale renewable energy project financing in the
wind, bio-mass and solar arenas. Already, Rabobank has become one of the most
active players in the U.S. renewable energy project finance field. 

"As a solar company, it is great to see an AAA-rated bank getting into the solar
financing business," said Lyndon Rive, chief executive officer of SolarCity.
"Rabobank is also adopting its own clean power through its California retail
banking arm by signing on with SolarCity to host electric vehicle (EV) charging
stations and install solar panels on multiple branch locations." 

SolarCity is installing new solar systems at Rabobank branch locations in
Atascadero, Castroville, El Centro, Paso Robles, Pismo Beach and Salinas. The
new installations cumulatively total 200 kilowatts of new solar capacity and are
expected to offset an estimated 50 percent of Rabobank`s energy use at the six
locations. In regard to renewables, Rabobank, N.A. is oriented toward financing
solar systems for its commercial clients through its renewable finance team in
California. 

Several of the solar installations on Rabobank`s California branches are already
underway. In 2009, Rabobank and SolarCity collaborated on a series of electric
vehicle charging stations co-located at Rabobank branches along highway 101 to
connect San Francisco and Los Angeles. The six new solar installations are
intended to complete the solar component of the corridor, providing clean,
renewable power at or near each EV charging station to offset the electricity
needed to charge the vehicles. 

"We are committed to supporting solar energy in California, whether on our own
branch buildings or with our customers," said Marco Krapels, executive vice
president of Rabobank, N.A. and co-chair of Rabobank, N.A.`s Corporate Social
Responsibility committee. "Solar energy financing is a part of our effort to
promote sustainability and to expand renewable energy financing in our banking
business, and in our customer relationships." 

About Rabobank International

Rabobank is a global financial services leader providing institutional and
retail banking as well as financial solutions for the agricultural and renewable
energy sectors in key markets around the world. From its century-old roots in
the Netherlands, Rabobank has grown into one of the largest banks worldwide,
with more than $850 billion in total assets and operations across 40 countries.
Rabobank is the only private bank in the world with a triple A credit rating
from both Standard & Poor's and Moody's, and is ranked among the world's safest
banks by Global Finance magazine. 

About Rabobank, N.A.

Rabobank, N.A., (www.rabobankamerica.com) is a California community bank that
provides personalized service and a full array of quality products to
individuals, businesses and agricultural clients. With 93 retail branches and 16
financial service centers, we serve the needs of communities from Napa Valley to
the Imperial Valley through local decision making and active community
involvement by our employees. Rabobank, N.A., is part of the Rabobank Group, one
of the world`s largest and safest banks. 

About SolarCity

SolarCity-a national leader in solar power system design, financing,
installation, monitoring and related services-was founded with the mission to
help millions of homeowners and businesses adopt solar power, protect themselves
from rising electricity costs and protect their environment from polluting power
sources. The company`s SolarLease, PurePower and Commercial Power Purchase
Agreement (PPA) options can make it possible for homeowners and businesses to
switch to clean, solar power for less money than they currently pay for
electricity. SolarCity currently serves more than 1,000 communities in Arizona,
California, Colorado, Oregon and Texas. Additional information about the company
is available on the Web at www.solarcity.com.

SolarCity
Jonathan Bass, 650-963-5156
jbass@solarcity.com
or
Rabobank, N.A.
Andy Frokjer, 805-473-6885
andy.frokjer@rabobank.com
or
Rabobank International
Heather McElrath, 212-309-5181
heather.mcelrath@rabobank.com

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