SolarCity raises $400 mn fund to support solar projects

SolarCity Corporation has created a new fund in association with an unnamed “large financial institution”. The fund will be used to support development of solar projects to the tune of $400 million.

According to the US-based solar solutions company, the new deal takes the total of funds it has raised above the $9 billion mark.

SolarCity has used funds to help solar projects meet cost of solar equipment and installation.

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The company had posted encouraging results in the second quarter of 2015. It stated that its installations in the quarter totaled 189 megawatts compared with 153 megawatts in the first quarter.

It was a 77 percent increase year-on-year and the company also added added 44,900 customers in the period.

SolarCity has guided installations to almost double in 2015 from the previous year to nearly 1GW. The company reached cumulative installations of 1,418MW at the end of the second quarter — an increase of 86 percent year-on-year.

Ajith Kumar S

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