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Residential solar

(Bloomberg) -- Real Goods Solar Inc., a Colorado-based installer of solar power systems, agreed to jointly develop residential projects in four states with San Francisco-based Sunrun Inc.

Real Goods (Nasdaq: RSOL) will design and build rooftop solar systems that Sunrun will own and operate through their customer leasing program, the company said Thursday.

The partnership will focus on solar markets in California, Colorado, New York and Massachusetts.

Shares of Real Goods, based in Louisville, Colo., have gained 45 percent this year.

Closely held Sunrun has raised $145 million in venture capital to support its leasing program.

PennyMac IPO

(Bloomberg) -- PennyMac Financial Services Inc., the residential mortgage company founded by former Countrywide Financial Corp. President Stanford L. Kurland, filed for a public offering of as much as $287.5 million.

Plans to sell Class A shares in the Moorpark, Calif.- based company and list them on the New York Stock Exchange were outlined in a regulatory filing Thursday.

The price per share and ticker symbol weren't cited.

PennyMac, founded in 2008 with help from BlackRock Inc. (NYSE: BLK) and HC Partners LLC, makes and services U.S. residential mortgages and manages related investments, the company said. Holdings have included distressed home loans.

The firm earned $60.4 million through the first nine months of 2012 on revenue of $157.3 million.

Kurland, PennyMac's chairman and chief executive officer, was president and chief operating officer of Countrywide until September 2006, according to the filing.

He was once a candidate to succeed Angelo Mozilo as CEO of Countrywide, which was built into the largest U.S. home lender in part by offering subprime mortgages to people with the weakest credit.

After Kurland left, losses on faulty mortgages drove Countrywide to the brink of failure.

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