SolarCity to fund projects in nine states via U.S. Bancorp, ORIX tax credit syndication

By Lisa Kerner

Charlotte, N.C., March 16 – SolarCity Corp. will use funds from a new syndication of renewable energy tax credits to help finance the installation of 2,500 solar power systems in Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, Maryland, New Jersey and New York.

U.S. Bancorp and ORIX USA Corp. announced the closing of U.S. Bancorp’s first renewable energy syndication, introducing “an industry-leading product that will allow both first-time and experienced investors to tap into the renewable-energy tax credit market,” according to a news release.

The syndication is expected to finance more than $100 million in solar projects.

U.S. Bancorp led the transaction, which marks ORIX’s entry into the renewable-energy tax credit financing market.

The syndication is a gain on multiple fronts for U.S. Bancorp, according to Zack Boyers, chairman and chief executive officer of U.S. Bancorp Community Development Corp.

It boosts the capital in the solar market, increases use of clean energy, and diversifies the bank’s ability to serve the needs of a growing market, Boyers said in a news release.

ORIX Municipal Finance makes investments of $10 million to $50 million in public, semi-public and private entities. It has offices in Atlanta, Chicago, Hartford, Conn., Los Angeles, Minneapolis, New York, San Francisco, Seattle, Washington, D.C., Frankfurt, London and Paris.

U.S. Bancorp Community Development has about $15.8 billion in managed assets and is a subsidiary of Minneapolis-based U.S. Bank.

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