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Home > PE News > By Region > North America > United States

SolarCity beams with $21.5m financing SolarCity beams with $21.5m financing

19 Jul 2010. Source: AltAssets
US-based solar installer SolarCity has raised $21.5m in new venture capital funding in a round led by Mayfield Fund, and joined by return backers Draper Fisher Jurvetson, DBL Investors and Generation Capital.

It has also announced a cooperation agreement with financial institution Rabobank that will see it install six solar facilities at its branch locations.

SolarCity said it will use the new financing, which adds to the $134m it previously raised to accelerate its growth and expansion to new markets.

Lyndon Rive, CEO of SolarCity, said, "We remain focused on our ultimate goal of providing clean power to millions of homes and businesses at a lower cost than polluting power sources. The new financing will accelerate our geographic expansion and give us the option to consider additional acquisitions."

SolarCity is a full-service solar provider in the US for homeowners, businesses and non-profit organisations which provides upfront solar leases.

Mayfield Fund is a 40-year-old venture capital firm with over $2.8bn under management and which has raised 13 US funds since its inception, including one India fund, and assisted its partner GSR Ventures in raising three China funds.

Copyright © 2010 AltAssets

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