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SolarCity and U.S. Bank Increase Funding to Finance Solar Installations
Posted on September 29th, 2009
SolarCity and U.S. Bancorp Community Development Corporation (USBCDC) today announced that they have doubled the size of their fund to finance solar projects. The fund, originally announced in June, will be expanded to finance $100 million in solar projects in 2009. The partnership backs SolarCity’s solar leases (SolarLease™) and power purchase agreements (PPA), financing options that can allow homeowners and businesses to put no money down on solar systems and save money from day one on electricity costs.
SolarCity is a national leader in solar power system design, financing, installation, monitoring and related services, and USBCDC is a division of U.S. Bancorp, which is also the parent of U.S. Bank, the sixth largest commercial bank in America. SolarCity CEO Lyndon Rive will discuss the expansion of the fund and the prospects for scaling the U.S. solar market as part of a panel presentation at the Renewable Energy Financing Forum (REFF) on Wednesday, Sept. 30th, at 9:15 a.m. at the Palace Hotel in San Francisco.
“Our SolarLease and PPA products save customers money from day one, with no upfront cost,” said Mr. Rive. “We’re expanding our partnership with U.S. Bancorp Community Development Corporation to offer more homeowners and businesses zero-down financing to keep pace with the nation’s growing appetite for clean power.”
Founded in July 2006, SolarCity recently celebrated its third anniversary by passing the 4,000 customer mark, including more than 2,000 SolarLease customers since it introduced the leasing option in April 2008. SolarCity has hired 112 new workers in the past four months, and plans to add 50 more employees before the end of the year to continue to increase installation capacity.
SolarCity operates in California, Arizona and Oregon. Businesses and homeowners interested in SolarCity’s zero-down financing options can contact the company directly at 1-888-SOL-CITY (1-888-765-2489). Homeowners interested in SolarLease can estimate their solar lease payment and potential electricity savings by using SolarCity’s solar calculator, available online at target=NewWindowwww.solarcity.com.
Source: Renewable Wire
U.S. Geothermal Completes $10.9 Million Private Placement Deal in Canada
Posted on August 6th, 2009
U.S. Geothermal Inc. has entered into an agreement with a syndicate of Canadian investment dealers, pursuant to which the syndicate, as placement agents, have agreed to privately place approximately 8,100,000 subscription receipts, at CAN $1.35 per subscription receipt, for gross proceeds of approximately CAN $10.93 million.
Each subscription receipt will be automatically exchanged, without additional consideration on the exchange date, for one unit of U.S. Geothermal. Each unit consists of one share of common stock of the company and one half of one common stock purchase warrant.
Each warrant will entitle the holder thereof to acquire one additional share of common stock of the company for a period of 24 months following the closing of the offering for US $1.75 per share of common stock.
The net proceeds of the offering will be used by the company for drilling wells at the Neal Hot Springs geothermal project and for general working capital purposes. The proceeds will not be subject to escrow. The offering is scheduled to close on or about August 12, 2009.
Source: Renewable Energy World
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