SolarCity Names Finance Chief, in Solar Funds Venture
September 28 2016 - 11:30AM
Dow Jones News
SolarCity Corp. named a new chief financial officer and said it
was teaming up with Citi on a program to finance more than $347
million in solar projects in the U.S.
The San Mateo, Calif. company promoted global capital markets
executive Radford Small to finance chief. Mr. Small joined
SolarCity last year from Goldman Sachs Group Inc., where he headed
the investment bank's clean technology and renewables group.
At SolarCity, Mr. Small initially was responsible for financial
business development and investor relations, with the role
expanding to include all of the company's capital markets
activity.
SolarCity and Citi plan to form two funds, including one to fund
$284 million of residential projects nationwide and another fund to
finance $63 million of projects for small and midsize businesses in
California.
The new funds follow a $305 million cash equity financing
SolarCity closed earlier this month.
The moves come as the cash-strapped company has been striving to
survive as a stand-alone company until its planned merger with
Tesla Motors Inc. In addition to reining in costs, SolarCity has
begun selling more solar panels to homeowners, rather than, as it
has done traditionally, leasing the panels and retaining
ownership.
For Citi, the program is part of the bank's broader effort to
"lend, invest and facilitate a total of $100 billion within the
next 10 years to activities that reduce the impacts of climate
change," said Marshal Salant, Citi head of alternative energy
finance.
SolarCity said President Tanguy Serra, who previously oversaw
finance as part of his responsibilities, will leave the company at
year's end after the Tesla deal is expected to close.
The merger of SolarCity and Tesla would create a unique
combination of solar, power storage and transportation, which Tesla
says would be the world's only integrated sustainable energy
company. Elon Musk is the chairman of both companies, as well as
their biggest shareholder.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
September 28, 2016 11:15 ET (15:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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