Solar panel installer SolarCity, which is being bought by Tesla Motors, said it had raised $305 million in a cash equity transaction advised by billionaire investor George Soros’ hedge fund.
Shares of the company, which is backed by Tesla founder Elon Musk, were up 6.6% at $17.89 in afternoon trading on Monday.
A private investment fund affiliated with Quantum Strategic Partners provided the equity investment in a portfolio of residential, commercial, and industrial solar projects, the company said.
The fund was advised by Soros Fund Management.
This is the second cash equity transaction by the debt-laden solar company this year. The company in May received a $227 million investment from John Hancock in a diversified portfolio of residential, commercial, and industrial solar power projects.
Monday’s transaction included an 18-year-loan syndicated to five institutional investors, SolarCity said.
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Bank of America Merrill Lynch (BAC) acted as the sole syndication and structuring agent for the transaction.
The solar company said last month it faced greater-than-usual delays in closing new project financing commitments due to its takeover talks with Tesla (TSLA).
For more, read: Here’s Why Solar Farms Are Booming in the U.S.
Up to Friday’s close of $16.77, SolarCity’s shares (SCTY) had lost more than a fifth of its value since Tesla made its first offer in June.
