Solar companies offer reassurance after renewables financier Silicon Valley Bank collapses

Read the full story at Utility Dive.

The shutdown of Silicon Valley Bank by California regulators over the weekend has led to logistical questions about the fate of the renewables startups and projects it financed – particularly residential and community solar.

The federal government acted to fully protect the bank’s depositors and provide access to their funds by Monday, but SVB’s collapse means that companies that used the bank to finance projects will have to secure funding elsewhere.

Several solar companies said that they either had little exposure to SVB or were satisfied by the government’s promises to make them whole, but CEO Kiran Bhatraju of Arcadia – the largest domestic manager of community solar – said the bank’s collapse will “have an impact on the broader industry.”

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