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SolarCity Unveils Minnesota Community Project; Sells Bonds

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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.

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 (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.

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.

The instruments pay interest from 2 percent to 5.75 percent depending on maturity, and are not publicly tradable.

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.

SolarCity changed hands recently at $57.29, up nearly 1 percent.

 

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