UPDATE 1-SolarCity postpones IPO, reason not clear-underwriter

Tue Dec 11, 2012 6:51pm EST

By Olivia Oran and Nichola Groom

Dec 11 (Reuters) - Solar panel installer SolarCity Corp has postponed its initial public offering set to price on Tuesday, according to an underwriter and a market source.

The San Mateo, California-based company had intended to price 10.1 million shares at a range of $13 to $15.

It was not immediately clear why SolarCity delayed its offering.

A representative for SolarCity was not available for comment.

Although the clean technology sector has suffered some high profile flameouts with the shuttered solar company Solyndra and the bankruptcy of battery maker A123 Systems, SolarCity had been considered the alternative energy industry's most promising IPO candidate since electric car company Tesla Motors Inc's 2010 debut.

Tesla's founder and chief executive, Elon Musk, is SolarCity's chairman and the first cousin of its co-founders, Lyndon and Peter Rive.

SolarCity's IPO underwriters include Goldman Sachs, Credit Suisse and Bank of America's Merrill Lynch.

The company was scheduled to trade on the Nasdaq on Wednesday under the ticker "SCTY."

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