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Solar power developer eyes IPO
SolarCity Corp., a developer of rooftop solar power systems, is preparing to file for an initial public offering.
solar energy, green housing, solar panels
SolarCity Corp., a developer of rooftop solar power systems, is preparing to file for an initial public offering, according to sfgate.com.
The San Mateo company, which lost a federal loan guarantee in the wake of Solyndra LLC's bankruptcy, might file with the Securities and Exchange Commission next month. The IPO is expected to value the company at more than $1.5 billion.
At $1.5 billion, the company would be valued at more than twice what research firm GSV Insight estimated in December. On secondary exchange SharesPost Inc., the most recent SolarCity transaction was on Jan. 1, at $23 per share, giving the company an implied valuation of $828 million. In November, SolarCity said it would move forward on a $1 billion solar rooftop project for military housing with financing from Bank of America.
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