Leading US residential solar PV installer SolarCity said it had raised US$305 million in its second cash equity transaction, this time through a private investment fund affiliated with Quantum Strategic Partners Ltd.
The company noted that the equity investment covers a portfolio of projects in the range of 230MW of solar generation capacity spread across 15 states with the majority of the installations completed in 2015 and 2016.
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SolarCity said it was able to achieve a pre-tax, weighted average cost of capital for the transaction of 7.4%. The syndication of a long-dated, fully-amortizing loan is believed to represent a “first of its kind” for distributed solar assets, according to SolarCity.