SolarCity Next to go IPO?

Solar panel company SolarCity Corp. said it plans to file an IPO. That’s according to the Wall Street Journal.

The company said it has filed draft registration documents with the SEC. However, according to the Journal, it is unclear when exactly the company will go public.

A SolarCity rep declined to give the Journal details.

The Journal notes the filing comes at a difficult time for the solar industry, as a result of pricing and competition. And while subsidies have helped companies like SolarCity, they have also made investors dubious of the industry as a whole.

BrightSource Energy Inc., a solar-thermal power developer, recently cancelled its IPO. And Enphase Energy Inc., which makes electrical inverters for solar panel systems, had to sell shares at half its target price, the Journal says.

SolarCity investors include Draper Fisher Jurvetson, DBL Investors, Generation Investment Management LLP, Silver Lake Kraftwerk and Valor Equity Partners and Elon Musk, founder of Paypal, SpaceX and Tesla Motors Inc. SolarCity has also raised hundreds of millions of dollars for solar-power projects from U.S. Bancorp, Rabobank, Google Inc. and Citigroup Inc.

To read the full Wall Street Journal article cited in this story, click here

Tags: DealsM&A , Solar

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