SolarCity Forms Partnership With U.S. Bancorp

SolarCity, a provider of solar power system design, financing,installation, monitoring and related services, and U.S. BancorpCommunity Development Corp. (USBCDC) have formed a partnership tofinance solar projects for U.S. homeowners and businesses.

Thetwo companies have created a new tax equity fund to finance SolarCity’ssolar lease option (SolarLease) for homeowners and power purchaseagreements for businesses. The firms expect this fund to finance moresolar projects in 2009 than any other tax-equity fund in the U.S.

USBCDC’snew fund is one of only two tax-equity funds closed in 2009 in the U.S.with the ability to finance residential solar projects. Both funds werecreated with SolarCity to finance solar installations, the companiesnote. SolarCity plans to hire 100 new employees in the next six monthsto increase installation capacity as a result of the new financing.

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