North Coast Solar Stocks

September 29, 2009

U.S. Bancorp, SolarCity double fund for solar

Filed under: FSLR — Tags: , , , , , — Jason @ 7:40 pm

Tue Sep 29, 2009 7:40pm EDT

* Fund to finance solar projects to rise to $100 mln

* Backs leases and power purchase agreements for SolarCity

LOS ANGELES, Sept 29 (Reuters) – U.S. Bancorp and privately held SolarCity are doubling the size of their fund for solar power projects in 2009 to $100 million, the companies said on Tuesday.

U.S. Bancorp Community Development Corp, a unit of U.S. Bancorp (USB) and SolarCity teamed up in June to put solar electric panels on homes and businesses in California, Oregon and Arizona with no upfront costs. The companies did not disclose the value of the deal when it was first announced, but said its expansion will double the size.

The agreement allows the bank to take advantage of tax breaks, including a solar tax credit. In return, the bank pays for the purchase and installation of solar power by SolarCity, which markets and maintains the systems.

SolarCity’s chief executive Lyndon Rive said in a statement that the company expanded its partnership to “keep pace with the nation’s growing appetite for clean power.”

The solar power industry has been hard hit by the credit crisis, but several solar companies have said in recent weeks that financing is beginning to return to the sector.

Privately held SolarCity is three years old and has received $25 million from solar panel producer First Solar Inc (FSLR) among its venture capital backing.

(Reporting by Laura Isensee; editing by Mary Milliken and Andre Grenon)

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