SolarCity Rides the Rising Demand for Solar PV, Plans To Go Public

On the heels of Brightsource Energy’s announcement last month that it was canceling its plans to go public, SolarCity on Monday announced that it plans to conduct a registered initial public offering (IPO) of its common stock.

The IPO will begin after the Securities and Exchange Commission completes the review process that SolarCity initiated on April 26. No further information about the IPO — such as when and at what price shares will be available — is available at this time.

SolarCity has been in the residential solar PV leasing space since 2006 and expanded into the energy efficiency market soon after that. The company installs, operates, monitors and maintains PV and energy efficiency systems for customers in 15 states with planned expansion into many more states across the U.S. Customers receive a discounted utility bill that reflects the costs savings they have achieved through the energy efficiency improvements or PV systems installed.

Brightsource, which develops large-scale concentrating solar power plants, canceled its IPO on April 12 due to “adverse market conditions.” CSP developers have struggled with costs due to very low PV panel prices. But those very same low PV panel prices have increased demand for solar PV, which is a boon for leasing companies like SolarCity.

Image: Tsunami of Gold via Shutterstock.

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Jennifer Runyon has been studying and reporting about the world's transition to clean energy since 2007. As editor of the world's largest renewable energy publication, Renewable Energy World, she observed, interviewed experts about, and reported on major clean energy milestones including Germany's explosive growth of solar PV, the formation and development of the U.S. onshore wind industry, the U.K. offshore wind boom, China's solar manufacturing dominance, the rise of energy storage, the changing landscape for utilities and grid operators and much, much, more. Today, in addition to managing content on Renewable Energy World and POWERGRID International, she also serves as the conference advisory committee chair for DISTRIBUTECH, a globally recognized conference for the transmission and distribution industry. You can reach her at Jennifer.Runyon@ClarionEvents.com

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