SolarCity, Nasdaq: SCTY, launched the nation’s first registered public offering of solar bonds today, creating a simple way for individuals across the United States to earn attractive returns on their investments, while also participating in the nation’s transformation to clean energy. SolarCity filed a registration statement with the Securities and Exchange Commission this morning to issue up to $200 million in solar bonds initially, and launched a new online investment site to make them available directly to consumers.
“SolarCity provides clean energy and financial products based on clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than what they spend on utility bills,” commented the company. “SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easier for the consumer by taking care of everything from design and permitting to monitoring and maintenance. Currently serving 15 states, SolarCity signs up a new customer every minute of the work day.”
Under the leadership of Co-Founder CTO Lyndon Rive, who in seven years has grown SolarCity from two to more than 6,000 employees and helped it become one of the most recognizable brands in clean energy, the company has raised funds sufficient to finance more than $4 billion on solar projects from a range of investors, including Bank of America Merrill Lynch, Google, PG&E Corporation and U.S. Bancorp. Other members of SolarCity’s power management team include Chairman Elon Musk, Founder and CEO of SpaceX, PayPal Co-Founder and CEO and chairman of Tesla Motors; CFO Brad Buss; COO Tanguy Serra; Co-Founder and CEO of Vivint Solar; Co-Founder and CTO Peter Rive; and CRO Hayes Barnard.
Facts shared in the press release:
- SolarCity currently provides more than one out of every three new solar power systems in the U.S.
- The earnings on its solar bonds are to be paid by income received from monthly solar payments made by thousands of homeowners, schools, businesses, and government organizations across the country.
- Solar bonds offer consumers a new alternative to other savings and fixed income investment products—such as savings accounts, CDs, treasury bonds, and municipal bonds—and meet a growing appetite for investment opportunities that are both financially attractive and support important goals such as protecting the environment and creating American jobs.
SolarCity has created funds to finance the installation of approximately $5 billion in renewable energy assets with investments from a number of the world’s leading financial institutions and corporations. Today’s offering marks the first time that individual investors will be given access through a public solar bond offering; providing an opportunity to participate in the U.S. solar industry’s rapid growth and the transformation of America’s energy infrastructure to clean power. Solar bonds will be available online through SolarCity’s investment site to all U.S. investors who meet SolarCity’s eligibility requirements, with no fees for purchase. Investors will be able to purchase solar bonds for as little as $1,000, with maturities ranging from one year to seven years and interest rates of up to 4 percent.
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