Since the proposed merger with Tesla has been announced, SolarCity said that it was more difficult for the company to raise the capital needed to continue their solar installations due to the uncertainty around the situation.
But with another $347 million through two funds announced today, the company managed to raise over $600 million in just the past few weeks.
Earlier this month, SolarCity announced $305 million in cash equity financing from Quantum Strategic Partners advised by Soros Fund Management.
Today, the company announced two more separate funds to finance more than $347 million in solar projects.
The money is coming from Citi and it will finance $284 million in residential solar projects across the U.S, and 63 million in projects for small and medium-sized businesses (SMB) throughout Florida.
Marshal Salant, Global Head of Alternative Energy Finance at Citi, commented on the deal
“Citi is proud to support SolarCity on its mission to expand access to clean solar power for households and small businesses across the United States. These funds, which will contribute to Citi’s goal to lend, invest and facilitate a total of $100 billion within the next 10 years to activities that reduce the impacts of climate change, clearly illustrate our strong commitment to sustainable growth and clean renewable energy.”
SolarCity’s new CFO, Radford Small, also commented:
“We highly value repeat investors given our consistent pace of solar asset origination. This latest investment with Citi is a testament to how our solar assets continue to perform in the field, and in the capital markets.”
SolarCity needs a lot of capital to install solar on roof since it offers solar installations at no or little upfront cost and instead collects fees from the electricity generated through its systems, which is why they raised those funds.