SolarCity Takes another $81 Million in Equity Investment

Posted in Investment, Solar Power on February 29th, 2012 by News Desk –

Foster City, Calif. — SolarCity, a privately held provider of solar power financing, design, installation, monitoring and related services, has raised an additional $81 million in venture capital, in a deal led by Silver Lake Kraftwerk and Valor Equity Partners, the company announced on Wednesday.

Founded in 2006, SolarCity provides homeowners, business and government organizations the ability to lock in lower, long-term rates for clean energy. The company provides solar system design, financing, permitting, and installation, as well as ongoing monitoring and maintenance.

SolarCity’s existing customers include thousands of homeowners, more than 100 schools including Stanford University, government agencies such as the U.S. Armed Forces and Department of Homeland Security, and corporate clients, including eBay, Intel and Walmart.

Last June, SolarCity and Google announced the formation of a $280 million fund to finance residential solar projects. To date, SolarCity has created close to 20 project funds with seven different partners to finance $1.28 billion in solar projects.

“This investment provides SolarCity the resources to explore new products and services and identify new geographies and potential acquisitions as we seek to deliver better energy choices to more customers,” said Lyndon Rive, SolarCity’s CEO, commenting in the announcement on Wednesday about the company’s new equity investment from Silver Lake Kraftwerk and Valor Equity Partners.

Other investors in the new round include Nicholas J. Pritzker, a partner at Tao Ventures and senior development advisor for Hyatt Hotels Corp., SolarCity Chairman Elon Musk and DBL Investors.

Image credit: SolarCity

SolarCity website