September 29, 2009

Foster City, CA, USA: SolarCity Secures $100M for Solar Projects in 2009

SolarCity and U.S. Bancorp Community Development Corporation (USBCDC) have doubled the size of their fund to finance solar projects. The fund, originally announced in June, will be expanded to finance $100 million in solar projects in 2009. The partnership backs SolarCity’s solar leases (SolarLease™) and power purchase agreements (PPA), financing options that can allow homeowners and businesses to put no money down on solar systems and save money from day one on electricity costs.

SolarCity is a eader in solar power system design, financing, installation, monitoring and related services, and USBCDC is a division of U.S. Bancorp, which is also the parent of U.S. Bank, the sixth largest commercial bank in America.

“Our SolarLease and PPA products save customers money from day one, with no upfront cost,” said Mr. Rive. “We’re expanding our partnership with U.S. Bancorp Community Development Corporation to offer more homeowners and businesses zero-down financing to keep pace with the nation’s growing appetite for clean power.”

Founded in July 2006, SolarCity recently celebrated its third anniversary by passing the 4,000 customer mark, including more than 2,000 SolarLease customers since it introduced the leasing option in April 2008. SolarCity has hired 112 new workers in the past four months, and plans to add 50 more employees before the end of the year to continue to increase installation capacity.

Further details about: SolarCity