SolarCity Raises $345 Million to Make Solar Power a Viable Alternative Energy

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SolarCity has raised $345 million in tax equity from four separate partners in June and July. The company also increased its debt facility by $110 million to $760 million.

The funds will cover the capital cost of new equipment and installations. The goal of SolarCity’s projects is to render solar power as a viable alternative energy—eventually costing less than utility power.

Last month Tesla Motors, also an Elon Musk company, offered to buy SolarCity for $2.8 billion.

Tesla Offers to Buy SolarCity, Another Elon Musk Company, for $2.5 Billion

 

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