U.S. Bancorp and SolarCity Announce New $158 Million Fund to Finance Solar Projects

SAN MATEO, Calif., June 1, 2011—SolarCity®, a national leader in solar power system design, financing, installation, monitoring and energy efficiency services, announced the creation of a new fund to finance an additional $158 million in commercial and residential solar projects in 2011 in partnership with a subsidiary of U.S. Bancorp (NYSE: USB). The $158 million fund increases SolarCity’s total solar project financing funds to more than $1 billion, and the company now has more than 14,000 solar customers.

“U.S. Bancorp continues to be a proven leader in solar project financing,” said Benjamin Cook, SolarCity’s vice president of project finance. “SolarCity has already created more than $1 billion in solar financing capacity through fourteen funds with six partners, and we are just getting started.”

SolarCity will use the new fund to finance its SolarLease® and power purchase agreement (SolarPPA™) offerings. SolarCity’s affordable financing options make it possible for customers to save money by installing solar, because homeowners and businesses can pay less for solar than they currently pay for electricity from their power company.

The new fund will allow SolarCity to continue extending its offering to additional parts of the U.S. The company currently operates out of 24 operations centers in Arizona, California, Colorado, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas, and Washington D.C. Businesses and homeowners interested in SolarCity’s affordable financing options can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) or visit http://www.solarcity.com.