SeeNews | Oct 15, 2014 – US firm SolarCity Corp said it is preparing to issue an initial amount of up to USD 200 million (EUR 156m) in solar bonds.
For the purpose, the solar panels installer has filed a registration statement with the Securities and Exchange Commission (SEC) on Wednesday. The planned public offering will be the first of its kind in the nation, the firm said.
SolarCity will be offering the bonds to US investors through a newly-launched website. The minimum subscription price is set at USD 1,000. The bonds will have maturities ranging from one to seven years and interest rates of up to 4%. The company explained that the earnings on these bonds will be paid by income coming from monthly solar payments by US homeowners, schools, businesses and government organisations.
According to a report by GTM Research, SolarCity is supplying more than one out of every three new solar power installations in the US. The company noted it had established funds to support the installation of some USD 5 billion in renewable energy assets.