New $90 million fund will extend SolarCity integration service to new states

SolarCity, which is a solar power integration and operations company based in Foster City, California, has established another $90 million pool of financing with U.S. Bancorp Community Development Corp. to help support commercial and residential solar projects. The two companies have together established solar development funds work $190 million over the past two years. Their mutual goal is to help make solar power more viable as an affordable and accessible electricity alternative.

The latest money will help finance solar leasing and power purchase agreements that help customers invest in zero-down solar projects more easily (because they don't have to put money down). The company's latest expansion effort is into Texas, which it entered in late February 2010. Solar City now works in Texas, Colorado, Arizona, California and Oregon, but it is continuing to eye other states.