Will SolarCity’s IPO Provide a Spark for Cleantech?

A lot is riding on SolarCity’s IPO. That’s according to Reuters.

SolarCity, an installer of residential solar systems, allows customers to lease its product monthly. The company is expected to go public before the end of the year and expects to raise over $200 million.

After Solyndra and A123 Systems, Solar City is the first promising IPO for the alternative energy sector in a long time and may help renew VC interest in the sector and pave the way for some of SolarCity’s competitors to go public as well, Reuters says.

“SolarCity represents the next wave of cleantech that people should be much more excited about” says Rob Day, a partner with cleantech private equity firm Black Coral Capital in Boston.

Six-year-old SolarCity has grown rapidly, in part because of the growing popularity of solar leases. But SolarCity is not without its problems, including a Treasury Department investigation and an IRS audit, Reuters says.

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