US Bancorp Ups Funding For $100M Solar Project

Law360, New York (September 29, 2009, 1:55 PM EDT) -- U.S. Bancorp's community development unit agreed Tuesday to beef up a tax equity financing arrangement with SolarCity, a California solar power developer, to help fund $100 million in solar power installations.

U.S. Bancorp Community Development Corp. will put down twice the amount of funds the bank committed in June to finance the Foster City, Calif.-based solar provider's 2009 projects, the companies said.

The funds will go toward SolarCity's SolarLease program, which allows homeowners to lease solar equipment to avoid investing in the expensive solar panel systems,...
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