News

November 19, 2015

Silver Lake Is Said to Invest $100 Million in SolarCity

By: Michael J. de la Merced

Source: The New York Times

The New York Times

At a time when investors have darkened on the solar power industry, a big investment firm has moved in to buy a stake in SolarCity, the biggest company in the sector.

SolarCity is expected to announce on Wednesday that it has raised $113 million in a new investment led by the clean-energy arm of Silver Lake, as well as the solar company’s chairman, Elon Musk, and its chief executive, Lyndon Rive.

The new financing is meant to be a show of confidence in SolarCity, the biggest installer of rooftop solar power systems, as questions have arisen about a recent shift in strategy. The company announced last month that it would focus on becoming cash-flow positive by slowing down its astronomical growth rate. The rate, about 85 percent a year, is expected to slow to about 40 percent.

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