SolarCity announced it closed a $160 million five-year term facility.

Bank of America Merrill Lynch served as mandated lead arranger and sole bookrunner. KeyBank and Silicon Valley Bank served as joint lead arrangers on the transaction.

The facility is secured by a portfolio of high quality, long-term customer systems. The financing allows SolarCity to recycle capital to continue growth and will make it possible for SolarCity to continue offering power generated by solar energy systems to customers for less than they pay for utility bills at the time the customer contracts are signed.