SolarCity’s stock and convertible note offering has closed with the company raising US$396.6 million.

The offering was fully subscribed.

The company said at the time of the announcement of the two-pronged capital raising effort that it would use the funds to continue its expansion.

“We intend to use the net proceeds from this offering for general corporate purposes, including working capital, capital expenditures, potential acquisitions and strategic transactions. From time to time, we evaluate potential acquisitions and strategic transactions of businesses, technologies or products. Currently, however, we do not have any definitive agreements with respect to any material acquisitions or strategic transactions,” read a statement.

SolarCity, the largest PV installer in the US, claimed earlier this month that it expected to double its anticipated 2013 tally of installs of 278MW, to an estimated 475-525MW in 2014.

The company has already acquired sales firm Paramount Solar for US$120 million to boost customer acquisition and paid US$158 million for mounting manufacturer Zep Solar as it looks to cut its costs.

In September a number of manufacturers including Yingli Green, Canadian Solar and GT Advanced Technologies revealed fundraising plans as they looked to cash in on high stock prices.

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