SolarCity Raises $455 Million In New Tax And Debt Financing

By Tomi KilgoreMarketsMarketWatch Pulse

SolarCity Corp. said Monday that it raised $345 million in tax equity from four partners since June to help fund new solar projects. The solar power provider said it increased its debt aggregation facility by $110 million to $760 million, and expanded its solar renewable energy credit financing facility in an effort to reduce financing costs. The company said it has now raised more than $1.5 billion in project financing so far this year. The facilities will cover the cost of new equipment and installations. SolarCity is currently evaluating a buyout bid by Tesla Motors Inc. . Elon Musk is Chairman of SolarCity and Tesla. SolarCity's stock, which slipped 0.2% in light premarket trade, has tumbled 51% year to date through Friday, while the S&P 500 has gained 5.8%.

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