SolarCity raises $345m for solar projects

SolarCity raises $345m for solar projects

US-based Solar City (NASDAQ:SCTY) has announced that it has raised US$345 million in tax equity and increased its debit aggregation facility by $110 million.

The new financing came from four partners in June and July and will be used to build new solar projects. It will bring the company’s total project financing raised in 2016 to $1.5 billion.

SolarCity also expanded its solar renewable energy credit financing facility to accept five years of hedged facilities to significantly lower its cost of financing.

The company formed a special committee last month to evaluate an acquisition offer made by Tesla Motors Inc., addressing potential issues with directors with overlapping company interests.

Tesla made an offer to purchase SolarCity for up to $2.8 billion.

Tesla CEO Elon Musk owns 22% of SolarCity and is chairman of the company while the CEO is Musk’s cousin, Lyndon Rive.

SolarCity is also building and investing in a large solar panel factory in New York with plans to make its own panels.