SolarCity Corp., a Bay Area solar panel developer and installer whose chairman heads Tesla Motors Inc., is planning an IPO.
The San Mateo company's intention to go public come as other alternative energy firms are backing away from similar growth plans, even after the industry reported record growth last year.
The company, launched in 2006, also pioneered a leasing model that helped put previously unaffordable solar panels within reach for the average homeowner. Research group IBISWorld recently named solar panel production among the fastest-growing industries in the country along with yoga studios and hot sauce.
SolarCity, one of the country's largest residential and commercial solar installers, skimped on the details when announcing its IPO plans Monday — the company did not disclose share pricing or amount or a projected debut date. The Securities and Exchange Commission is reviewing SolarCity's draft registration statement.