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SolarCity Corp reduced the initial public offering (IPO) price of its stock to $8 per share and increased the size of its offering approximately11.5 million shares, according to its filing with the Securities and Exchange Commission (SEC) on Wednesday, December 12, 2012.

The San Mateo-based company is offering 11,434,988 shares and several stockholders will sell 65,012 shares. SolarCity will not receive any proceeds from the sales of stocks by shareholders.

The company previously announced its intention to sell 10.1 million shares, with an offering price of  $13 to $15 per share.

SolarCity is one of the largest installers and providers of residential and commercial solar power generating systems. It is known for providing finance options, such as a lease program intended to limit the upfront costs for customers. The company is expected to generate $81.7 million from the IPO.

Elon Musk, chairman of the board of directors of SolarCity, indicated his plan to purchase $15 million worth of common shares from the company’s underwriters. The affiliates of Draper Fisher Jurvetson and DBL Equity also indicated their plans to buy 1.5 million shares and 300,000 shares, respectively.

The underwriters of the company include including Goldman Sachs Group, Inc. (NYSE:GS), Credit Suisse Group AG (NYSE:CS), Needham & Company, Bank of America Corp (NYSE:BAC) Merrill Lynch, and Roth Capital Partners.

SolarCity is listed at NASDAQ under the ticker symbol SCTY.

PrivCo CEO Sam Hamadeh commented, “If SolarCity’s IPO size and price are reduced sharply, or if the IPO is withdrawn, the development would be a blow to an already hard hit cleantech IPO market this year.”

In its filing, SolarCity wrote, “Our long-term lease and power purchase agreements create high-quality recurring customer payments, investment tax credits, accelerated tax depreciation, and other incentives. Our financial strategy is to monetize these assets at the lowest cost of capital. We share the economic benefit of this lower cost of capital with our customers by reducing the price they pay for energy.”

SolarCity’s total revenue continues to increase from $32.6 million in 2009 to $ 59.5 million last year. Over the nine months period that ended September 30, 2012, the company’s total revenue was $103.38 million.