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USA: SolarCity, U.S. Bankcorp set new $250 mln fund

(Reuters) – SolarCity, one the largest solar power installers in the United States, and U.S. Bancorp said on Wednesday they had created a $250 million fund to finance new solar projects across the country.

The fund, the sixth and largest fund created by the two companies since launching their partnership three years ago, will be used to finance leases for solar systems on homes, businesses, schools and government buildings.

Solar leases have been credited with driving new solar business, particularly in the residential rooftop market, since they allow homeowners to install solar panels by making monthly payments to companies such as SolarCity rather than paying for the total cost of a new system up front.

In April, SolarCity said it had submitted a draft registration statement to the U.S. Securities and Exchange Commission, a key step toward an initial public offering of stock in the company.

CEO Lyndon Rive declined to comment on a possible listing of the company’s shares.
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