SolarCity Raises $345 Mln To Fund New Projects

(RTTNews) - SolarCity Corp. (SCTY), Monday announced that it has raised $345 million to fund new solar projects.

The financing will cover the capital cost of new equipment and installations, said the company. The fund was raised from four separate partners in June and July.

SolarCity expects the the new equipment and installations will help customers to pay less for solar power than they pay for utility power.

SolarCity also expanded its existing debt aggregation facility to $760 million, an increase of $110 million. SolarCity added two new lenders to the facility, which accounted for $70 million of the $110 million upsize.

Last month, Tesla Motors (TSLA) offered to buy SolarCity for $2.8 billion.