SolarCity Surpasses $1 Billion in Solar Energy Systems Deployed

SAN MATEO, Calif.--(BUSINESS WIRE)--SolarCity (Nasdaq: SCTY), a leading provider of clean energy, today announced financial results for its fourth quarter and full year ended December 31, 2012.

“SolarCity grew its customer base more than 243% in 2012 and surpassed $1 billion in solar energy systems deployed. Customers consistently choose SolarCity over alternatives, whether they are solar providers or utility companies. We sign up a new customer every five minutes,” said Lyndon Rive, CEO.

“SolarCity’s growth is proof that the company’s vertically-integrated model—to provide cleaner energy directly to customers at a discount to utility rates—is the key to attracting homeowners and businesses to solar,” continued Rive. “Furthermore, despite our triple-digit growth rate, we’ve scarcely begun to tap the potential of the distributed solar market. Less than half of one percent of energy consumers in the U.S. have adopted solar, and a massive growth opportunity remains.”

Operating Activities

SolarCity’s operating activities include collecting energy contract payments, acquiring new customers, operating and maintaining solar energy systems, technology development and additional activities that enable selling energy to customers.

Q4 2012 Operating Activity Highlights

    48 MW Deployed, an increase of 129% from the prior year period
    8,557 Total Customers, an increase of 192% from the prior year period
    6,810 Energy Contracts, an increase of 190% from the prior year period
    4,992 Transactions from other energy products and services, an increase of 350% from the prior year period

Full Year 2012 Operating Activity Highlights

    157 MW Deployed, an increase of 118% from the prior year
    30,950 Total Customers, an increase of 243% from the prior year
    26,327 Energy Contracts, an increase of 269% from the prior year
    15,425 Transactions from other energy products and services, an increase of 315% from the prior year
    $1,091 Million Nominal Contracted Payments Remaining, an increase of 124% from the prior year

Investing Activities

SolarCity’s investing activities are primarily comprised of the Company’s investments in distributed generation solar energy systems under energy contracts.

Q4 2012 Investing Activity Highlights

    Investments in Solar Energy Systems of $151.3 million

Full Year 2012 Investing Activity Highlights

    Investments in Solar Energy Systems of $449.1 million

Financing Activities

SolarCity’s financing activities are primarily comprised of the financing funds we raise with partners to finance our investments in solar energy systems.

Financing Activity Highlights

    Recently completed first restructuring of three financing funds, which lowered the cost of financing the contracted payments from more than 8% to 3.45%
    Available financing funds for 115 MW as of February 28, 2013

GAAP Cash Flow Statement

With each new Energy Contract, we create a recurring, predictable cash flow stream. Our financial strategy is to maximize retained value for shareholders by covering Investing activities with cash generated from Financing and Operating activities. By this definition, the Company achieved positive net cash flow in Q4 2012.

For the year ended December 31, 2012, net cash provided by Operating activities was $60.3 million, net cash used in Investing activities was $449.1 million and net cash provided by Financing activities was $498.3 million. Net cash provided by Financing activities before equity issuances was $323.1 million and the net cash provided by the equity issuances was $175.2 million. The net increase in cash and cash equivalents for the year ended December 31, 2012 was $109.6 million.