SolarCity and U.S. Bank forge new partnership to fund solar projects

US solar power system company SolarCity and U.S. Bancorp Community Development Corporation (USBCDC) have formed a new partnership to finance solar projects for US homeowners and businesses. The two companies have created a new tax equity fund to finance SolarCity's solar lease option for homeowners and power purchase agreements (PPA) for businesses. The two companies are not disclosing financial terms of the fund, but do expect it to finance more solar projects in 2009 than any other tax equity fund in the US.