Thursday, July 15, 2010

SolarCity Snags $21.5M

Foster City-based SolarCity, a provider of financing for residential and commercial solar power projects, announced Wednesday that it has raised $21.5M in a new investment round. The round was led by Mayfield Partners, and also included prior investors Draper Fisher Jurvetson, DBL Investors, and Generation Investment Management. According to SolarCity, the new funding will go towards growth and expansion at the firm. SolarCity provides power purchase agreements (PPAs) to help people finance installation of solar power on their roof, allowing them to spend less to install power in exchange for an agreement to pay SolarCity monthly for the power generated from those systems. The firm said the new funding helps it accelerate its geographic expansion, and also possibly will be used for acquisitions. More information »