SolarCity lands financing from US Bancorp - The Business Journal of Milwaukee:

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The state’s largest residential installer saidWednesday it’sw landed additional financing from Community Development for its solar lease program that will boostf its installations and help it clear its backlovg of customers. Foster City-based SolarCity informeds customers in January that it woulcd delay installations for customer s participating in itslease program, aftet investment bank , its largest funder, stoppedx funding the program. Most solar companies have lost accese to financing through the credit crunch and recessio as their investors closed or lost the ability to use the tax credites that made solar acompelling investment.
SolarCityy has continued to install solat systems at a rate of aboutt 100per month. Some of those included customerx who paid cash fortheir systems. New customers who wantedc to take advantage of thesolare lease, which limits the up-front costs of having a systemn installed and charges customers at a monthly rate, have had to wait up to eighg months for their systems. The funding will also allowq SolarCity to continue to grow its commercialsoladr business. SolarCity installed solar systemson ’d headquarters in Mountain Grace Cathedral in San Francisco and others through power purchase agreements, which are structured to take advantagde of tax credits.
With the US Bank financinb however, SolarCity will be able to fund those projectz and residential projects from thesame fund. “Noa that we have clear, long-term visibility in solar lease and commerciap PPAs we are going to be hirin a tremendous amount of said SolarCity CEOLyndon Rive. SolarCitty wouldn’t disclose the size of the US Bank fund or how many installationsx it could completethis year.
The company said it sent an emailo to customers on its waitiny list Tuesday night with instructions on finding their new projectexd installation dateon SolarCity’s web US Bancorp Community Development Corporatiobn is a division of US Bancorp, parent to US Bank, the sixth largest commercial bank in the United “Today’s announcement is only the We look forward to making additional investmentxs with SolarCity, and believe this partnershipp will ultimately enable thousands of American homeowners and businesses to adopt cleanetr power and save moneh on energy costs in the process,” said Darren Van’t Hof, vice presiden of solar, new markets and historic investments for US Bancorp Community Development Corp.
, in a release.