13 Sep SolarCity raises $305m for residential & commercial projects
SolarCity (NASDAQ:SCTY), which is currently being bought by Tesla Motors, has raised US$305 million in a cash equity transaction advocated by billionaire investor George Soros’ hedge fund.
A private investment fund associated with Quantum Strategic Partners provided the equity investment in a portfolio of residential, commercial and industrial solar projects.
The fund was advised by Soros Fund Management.
This is the second cash equity deal by the debt-ridden solar company.
SolarCity received a $227 million investment from John Hancock in May, in a diversified portfolio of residential, commercial and industrial solar power projects.
The company said that last month it faced greater-than-usual delays in closing new project financing commitments due to its purchase talks with Tesla.