SolarCity Corp Unveils Minnesota Community Project; Sells Bonds

SolarCity Corp (NASDAQ: SCTY) will develop up to 100 single-megawatt community solar installations in Minnesota's Wright and Sherburne counties, the company said Wednesday.http://www.solarcity.com/newsroom/press/solarcity-introduces-its-first-community-solar-option-rentersThe project might represent an 8 percent increase to the roughly 1,200 megawatts currently deployed by thethe San Mateo, California-based affiliate of Tesla Motors Inc (NASDAQ: TSLA).Solar City said the Minnesota project, in partnership with Xcel Energy Inc (NYSE: XEL), aims to allows renters, schools and municipalities purchase solar power without installing solar panels on their properties.Separately, on Tuesday Solar City said it will sell $35 million in Solar bonds under a larger program unveiled last year.https://www.sec.gov/Archives/edgar/data/1408356/000156459015005102/scty-8k_20150616.htmThe company started selling its bonds directly to the public last year. Elon Musk's Space Exploration Technologies Corporation acquired $90 million of the bonds in March.https://www.sec.gov/Archives/edgar/data/1408356/000156459015002138/scty-8k_20150330.htmThe instruments pay interest from 2 percent to 5.75 percent depending on maturity, and are not publicly tradable.https://solarbonds.solarcity.com/available-bonds/Bloomberg said last month that SolarCity is turning to the bond market as a means to replace tax credits that are set to be discontinued.http://www.bloomberg.com/news/articles/2015-05-19/solarcity-turns-to-bond-market-to-fill-tax-credit-funding-voidSolarCity changed hands recently at $255.54, up nearly 1 percent.