SolarCity’s $400 Million Fund

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(PRNewsFoto/SolarCity)

As SolarCity expands into new markets, most recently Vermont, the company also continues to grow financially. Today, SolarCity announced the creation of a new fund to finance $400 million in solar projects.

It was created in partnership with an unnamed large financial institution.

With this addition, SolarCity has raised enough capital to finance over $9 billion in solar projects. This will allow the company to increase the number of residential installations it completes. The fund itself covers the capital cost of both solar equipment and installation.

This is welcome news for a company whose stated goals for 2015 include installing 1 GW of solar. In fact, SolarCity is well on its way to achieving this goal. The company booked over 625 MW in the first half of the year – and installed around 425 MW.

It remains to be seen what SolarCity has in store for the end of the year. Be sure to check back with us for updates.

Photo link: http://photos.prnewswire.com/prnh/20150821/260143