SolarCity Closes $21.5M Financing

SolarCity, a Foster City, CA-based full-service solar provider in the U.S. for homeowners, businesses and non-profit organizations, closed a $21.5m round of financing.

The round was led by Mayfield Fund, with participation from existing investors Draper Fisher Jurvetson, DBL Investors and Generation Investment Management LLP. In conjunction with the financing, Navin Chaddha, Mayfield Managing Director, will join the company’s board of directors as an observer.

The new capital will accelerate SolarCity’s growth and expansion to new markets.

As stated by Lyndon Rive, the company’s CEO, “the new financing will accelerate our geographic expansion and give us the option to consider additional acquisitions”.

SolarCity, which offers solar power financing, design, installation, monitoring and related services, currently serves more than 8,000 customers in Arizona, California, Colorado, Oregon and Texas.