US renewable energy company SolarCity has raised $81m through equity financing to support its expansion strategy and potential acquisitions.
The funding round was led by Silver Lake Kraftwerk and Valor Equity Partners, as well as Nicholas Pritzker, partner at Tao Ventures and senior development advisor for Hyatt Hotels and Shea Ventures, an affiliate of SolarCity partner Shea Homes.
Chairman Elon Musk, CEO of electric supercar manufacturer Tesla, and existing investor DBL Investors also participated.
Lyndon Rive, CEO of SolarCity, said, ‘Individuals and organisations of all shapes and sizes are fed up with the growing cost and consequences of traditional energy. 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.’
Silver Lake Kraftwerk, an affiliate of technology investor Silver Lake is in the process of raising a $1.2bn cleantech-focused venture capital fund.
Raj Atluru, co-founder of Silver Lake Kraftwerk and former partner at Silicon Valley venture firm DFJ, added, ‘SolarCity is the leader in its space. The company’s unique, vertically-integrated model, paired with incentives and falling technology costs, allows it to provide solar electricity to customers at lower rates than they pay for utility power. We’ve thoroughly analysed SolarCity’s full-service approach to solar and energy efficiency and we believe it has the ability to deliver superior customer experience and service across multiple sectors.’
SolarCity recently opened a new facility in New Jersey to target opportunities in the state’s booming photovoltaic market.
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