SolarCity Corp Unveils Minnesota Community Project; Sells Bonds

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SolarCity Corp
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-renters The project might represent an 8 percent increase to the roughly 1,200 megawatts currently deployed by the the San Mateo, California-based affiliate of Tesla Motors Inc
TSLA
. Solar City said the Minnesota project, in partnership with Xcel Energy Inc
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.htm The 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.htm The 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-void SolarCity changed hands recently at $255.54, up nearly 1 percent.
Posted In: NewsBondsMarkets
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