Monday, October 8, 2012

SolarCity Files For IPO

San Mateo-based SolarCity, the provider of solar financing via power purchase agreements (PPA), has filed for an IPO, saying that it is looking to raised up to $201.25M in an IPO on the NASDAQ Global Market as SCTY. The firm's IPO is being underwritten by Goldman, Sachs & Co., Credit Suisse, BofA Merrill Lynch, Needham & Company, and Roth Capital Partners. SolarCity is backed by Elon Musk, Draper Fisher Jurvetson, Generation IM Climate Solutions Fund, DBL Investors, Mayfield Fund, Shea Ventures and Valor Equity Partners, among others. SolarCity has avoided the bloodbath among solar power technology providers, by providing installation financing--not technology--for the sector.