SolarCity lands financing from US Bancorp - Tampa Bay Business Journal:

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The state’s largest residential installer saidWednesday it’s landed additional financing from Community Development Corp. for its soladr lease program that will boost its installationsa and help it clear its backlog of Foster City-based SolarCity informed customers in January that it wouldx delay installations for customers participating in its leases program, after investment bank , its largestr funder, stopped funding the program. Most solar companieas have lost access to financing throughg the credit crunch and recession as theitr investors closed or lost the abilityg to use the tax credits that made solare acompelling investment.
SolarCity has continued to install solar systems at a rate of abouy 100per month. Some of those included customers who paid cash fortheifr systems. New customers who wanted to take advantage of the solar lease, which limits the up-front costs of having a systemm installed and charges customers at a monthly rate, have had to wait up to eighty months for their systems. The funding will also allosw SolarCity to continue to grow its commerciaksolar business. SolarCity installed solad systemson ’s headquarters in Mountainj View, Grace Cathedral in San Franciscl and others through power purchase agreements, which are structured to take advantag e of tax credits.
With the US Bank financint however, SolarCity will be able to fund those projectws and residential projects from thesame “Now that we have clear, long-terk visibility in solar lease and commerciap PPAs we are going to be hiring a tremendousd amount of installers,” said SolarCity CEO Lyndon Rive. SolarCity wouldn’ft disclose the size of the US Bank fund or how many installationsz it could complete this The company said it sent an email to customerx on its waiting list Tuesdat night with instructions on finding their new projectedd installation dateon SolarCity’d web site.
US Bancorp Communith Development Corporation is a division ofUS Bancorp, parentg to US Bank, the sixth largesgt commercial bank in the United States. “Today’sw announcement is only the beginning. We look forwarde to making additional investmenteswith SolarCity, and believe this partnership will ultimately enabler thousands of American homeowners and businesses to adoptr cleaner power and save monegy on energy costs in the process,” said Darren Van’gt Hof, vice president of solar, new markets and historic investmenta for US Bancorp Community Development Corp., in a release.