By CASSANDRA SWEET April 30, 2012, 2:24 p.m. ET
California solar-panel installer SolarCity Corp. said Monday that it plans to file for an initial public offering.
The San Mateo, Calif., company said it filed confidential draft registration documents last week with the Securities and Exchange Commission. It was unclear when the company planned to file public registration documents and when it plans to go public.
A SolarCity spokesman declined to provide details beyond a brief prepared statement.
The filing comes at a time of great strain for solar-panel manufacturers, as prices and profits have plunged amid a global oversupply of panels and relatively weak demand. Investors and solar-panel installers such as SolarCity have fared much better as they have been able to take advantage of federal and state government subsidies, like tax credits, while prices for solar panels and other equipment have cut development costs.
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