The merger between Tesla Motors and SolarCity isn’t complete yet. Though SolarCity is already seeing some shakeups, it’s still rolling forward and in just over two weeks it has raised more than $652 million in funds to support its solar projects at residences and businesses.
Earlier this month SolarCity announced that it raised $305 million to support its growth with a new fully-amortizing, long-term loan. On Sept. 28 even as it announced that its President Tanguy Serra would leave at the end of the year, the company announced that it raised more than $347 million more to support solar for homeowners and small businesses. The company said it partnered with Citi, creating two separate funds. The first is expected to finance more than $284 million in residential solar across the country. The second fund will finance approximately $63 million solar projects at small and medium-sized businesses throughout California.
"Citi is proud to support SolarCity on its mission to expand access to clean solar power for households and small businesses across the United States," said Marshal Salant, Global Head of Alternative Energy Finance at Citi. "These funds, which will contribute to Citi's goal to lend, invest and facilitate a total of $100 billion within the next 10 years to activities that reduce the impacts of climate change, clearly illustrate our strong commitment to sustainable growth and clean renewable energy.”
On the same day, Serra announced he would step down as president of the company and the company named a new Radford Small as its new Chief Financial Officer. Serra, who hired Small, was praised by the company. Small has helped SolarCity create roughly $3 billion in financing for the company.
“Tanguy has played a pivotal role in helping SolarCity achieve the lowest operations costs in the solar industry,” said SolarCIty CEO Lyndon Rive. “He is extremely talented, but due to overlap at the new company, he is going to pursue a new venture. I’m grateful for everything Tanguy has contributed to SolarCity.”
Citi has previously invested in SolarCity. “We highly value repeat investors given our consistent pace of solar asset origination,” Small said. “This latest investment with Citi is a testament to how our solar assets continue to perform in the field, and in the capital markets.”Tweet