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

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The state’s largest residential installer saidWednesday it’s landee additional financing from Community Development Corp. for its solar lease program that will boost its installationa and help it clear its backlogof customers. Fostef City-based SolarCity informed customers in January that it woulxd delay installations for customers participating in its lease after investmentbank , its largest stopped funding the program. Most solar companiea have lost access to financingg through the credit crunch and recessioh as their investors closed or lost the abilitg to use the tax creditas that made solar acompelling investment.
SolarCityu has continued to install solar system s at a rate of abouft 100per month. Some of those included customers who paid cash fortheir systems. New customers who wanted to take advantage of thesolarf lease, which limits the up-frontt costs of having a system installed and charges customers at a monthly rate, have had to wait up to eight months for their systems. The funding will also allow SolarCity to continu e to grow its commercialsolafr business.
SolarCity installed solar systemson ’s headquarters in Mountaihn View, Grace Cathedral in San Franciscok and others through power purchase agreements, which are structured to take advantage of tax With the US Bank financing SolarCity will be able to fund those projects and residential projectas from the same fund. “Noew that we have clear, long-term visibility in solar lease and commercia PPAs we are going to be hiring a tremendoua amountof installers,” said SolarCituy CEO Lyndon Rive. SolarCity wouldn’ disclose the size of the US Bank fund or how many installationa it could completethis year.
The companyt said it sent an email to customers on its waiting list Tuesda night with instructions on finding their new projectecd installation dateon SolarCity’sa web site. US Bancorp Communitu Development Corporation is a division of US parent toUS Bank, the sixtj largest commercial bank in the United States. “Today’a announcement is only the beginning. We look forwardf to making additional investmentsxwith SolarCity, and believe this partnership will ultimatel enable thousands of American homeowners and businesses to adopt cleaner power and save money on energy costds in the process,” said Darren Van’t Hof, vice presidentt of solar, new marketzs and historic investments for US Bancorp Communith Development Corp.
, in a release.