SolarCity lands financing from US Bancorp - San Francisco Business Times:

fugowirik.wordpress.com
The state’s largest residential installer saidWednesday it’ s landed additional financing from Communitt Development Corp. for its solar lease progra that will boost its installations and help it clear its backloof customers. Foster City-based SolarCity informed customers in January that it wouls delay installations for customera participating in itslease program, after investmentf bank , its largest stopped funding the program. Most solad companies have lost access to financing through the credir crunch and recession as theit investors closed or lost the ability to use the tax creditsz that made solar acompelling investment.
SolarCity has continueds to install solar systems at a rate of abouty 100per month. Some of those included customers who paid cash for their New customers who wanted to take advantaged of the solar which limitsthe up-front costs of having a systemj installed and charges customers at a monthly rate, have had to wait up to eighy months for their systems. The funding will also allo w SolarCity to continue to grow its commercial solar business. SolarCity installed solar systemson ’s headquarters in Mountain View, Grac e Cathedral in San Francisco and others through power purchass agreements, which are structured to take advantagw of tax credits.
With the US Bank financinvg however, SolarCity will be able to fund thosre projects and residential projects from thesame “Now that we have clear, long-term visibilityh in solar lease and commercial PPAs we are going to be hiring a tremendoua amount of installers,” said SolarCity CEO Lyndon Rive. SolarCitty wouldn’t disclose the size of the US Bank fund or how many installationa it could completethis year. The compan y said it sent an email to customers on its waitinyg list Tuesday night with instructions on finding their new projected installation dateon SolarCity’s web site.
US Bancorop Community Development Corporation is a division of US parent toUS Bank, the sixt h largest commercial bank in the Unitecd States. “Today’s announcement is only the beginning. We look forwardf to making additional investmentswith SolarCity, and believe this partnershilp will ultimately enable thousands of Americamn homeowners and businesses to adopt cleaner powe r and save money on energy costs in the said Darren Van’t Hof, vice president of new markets and historic investments for US Bancor p Community Development Corp.
, in a