SAN MATEO, Calif., May 13, 2013 (GLOBE NEWSWIRE) -- SolarCity (Nasdaq:SCTY), a leading provider of clean energy, today announced financial results for the first quarter ended March 31, 2013.
"Extending its leadership as the nation's premier clean energy provider, SolarCity not only grew its customer base 106% year-over-year to over 57,400 and increased its long-term contracted cash flows to $1.22 billion but also exceeded guidance of MW deployed of 41 MW with 46 MW in the first quarter of 2013," said Lyndon Rive, CEO. "Through our unique, vertically-integrated platform of financing and installing solar systems, we offer customers a compelling value proposition of clean energy for lower than their local utility rate," continued Mr. Rive. "And our growing economies of scale and falling cost of capital are leading us to retain greater value for our shareholders."
Q1 2013 Operating HighlightsIn its first full quarter as a publicly-traded company following its December 12, 2012 IPO, SolarCity continued to make progress in building out its distributed energy platform. Key operating and development highlights in the quarter include:
- MWs Deployed were 46 MW, up 12% from the first quarter of 2012, and bringing cumulative MWs deployed to 333 MW. Residential MWs deployed increased 137% year-over-year
- Customer Base reached a cumulative 57,416, growing 106% year-over-year (and 14% from the fourth quarter of 2012)
- Energy Contracts signed and outstanding rose 16% from the fourth quarter of 2012 to 46,843
- Estimated Nominal Contracted Payments Remaining of $1,222 million at March 31, 2013 , up 10% from $1,109 million at December 31, 2012
- Retained Value of $569 million at March 31, 2013 , equating to retained value per watt of $1.25/W at March 31, 2013
- Investments in Solar Energy Systems of $138.2 million bringing the cumulative gross total to date to over $1.14 billion
- Available Tax Equity Financing of 158 MW as of May 10, 2013
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