U.s. bancorp and solarcity announce new $158 million fund to finance
solar projects
San mateo, calif.--(business wire)--solarcity®, a national leader in solar power system design, financing, installation, monitoring and energy efficiency services, today announced the creation of a new fund to finance an additional $158 million in commercial and residential solar projects in 2011 in partnership with a subsidiary of u.s. bancorp (nyse: usb). the $158 million fund increases solarcity’s total solar project financing funds to more than $1 billion, and the company now has more than 14,000 solar customers. “u.s. bancorp continues to be a proven leader in solar project financing,” said benjamin cook, solarcity’s vice president of project finance. “solarcity has already created more than $1 billion in solar financing capacity through fourteen funds with six partners, and we are just getting started.” solarcity will use the new fund to finance its solarlease® and power purchase agreement (solarppa™) offerings. solarcity’s affordable financing options make it possible for customers to save money by installing solar, because homeowners and businesses can pay less for solar than they currently for electricity from their power company. the new fund will allow solarcity to continue extending its offering to additional parts of the u.s. the company currently operates out of 24 operations centers in arizona, california, colorado, maryland, massachusetts, new jersey, new york, oregon, pennsylvania, texas, and washington d.c. businesses and homeowners interested in solarcity’s affordable financing options can contact the company directly at 1-888-sol-city (1-888-765-2489) or visit www.solarcity.com. about u.s. bancorp with $311 billion in assets as of march 31, 2011, u.s. bancorp is the parent company of u.s. bank, the fifth largest commercial bank in the united states. the company operates 3,082 banking offices in 25 states and 5,238 atms and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. visit u.s. bancorp on the web at www.usbank.com. about solarcity solarcity®—a national leader in solar power design, financing, installation, monitoring and energy efficiency services—was founded with the mission to help millions of homeowners and businesses adopt clean power, protect themselves from rising gas and electricity costs and protect their environment from polluting power sources. the company’s solarlease® and power purchase agreement (solarppa™) options can make it possible for homeowners and businesses to switch to clean, solar power for less money than they currently pay for electricity. solarcity’s 24 operations centers serve arizona, california, colorado, maryland, massachusetts, new jersey, new york, oregon, pennsylvania, texas and washington, d.c. additional information about the company is available on the web at www.solarcity.com.
