SolarCity raises $305 million in cash equity via Quantum Strategic fund

By Tali Rackner

Norfolk, Va., Sept. 12 – SolarCity Corp. raised $305 million in its second cash equity transaction in a portfolio of residential, commercial and industrial solar projects, according to a press release.

The investment was provided by a private investment fund affiliated with Quantum Strategic Partners Ltd. and advised by Soros Fund Management LLC.

The transaction also included a fully amortizing, 18-year loan that was syndicated to five high-quality institutional investors, the release said.

By placing the equity investor and lender group separately, SolarCity said it was able to achieve a pre-tax, weighted average cost of capital for the transaction of 7.4%, an improvement over its first cash equity transaction.

BofA Merrill Lynch acted as the syndication and structuring agent for the deal.

SolarCity is a San Mateo, Calif., provider of clean energy.

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