SolarCity is doing quite well on the capital raising front. The U.S.-based solar installer announced $305 million in cash equity financing from Quantum Strategic Partners last month and then $347 million in cash through two Citi funds. The latest $300 million fundraising round is in collaboration with Credit Suisse.

Solarcity Corp SCTY
Photo Credit: Slim Dandy, Flickr

SolarCity doing fine with money raising

Previously, some analysts suggested that Tesla CEO Elon Musk was pushing to acquire the solar installer to assist in securing financing for the solar company, which consistently requires more money to provide its services. However, now it looks like the solar installer is doing quite fine when it comes to capital raising, even before the merger has been done. Since the board accepted Tesla’s acquisition offer, the clean energy giant has secured yet another $300 million in funds, for an overall total close to $1 billion, notes Electrek.

“SolarCity Corp. (SCTY) today announced that it has created a new fund to finance more than $300 million in solar projects with Credit Suisse.”

This is the fourth collaboration between Credit Suisse and SolarCity that will allow thousands of homeowners in the United States to pay less for solar electricity than they pay for the utility bills.

On November 17, shareholders of SolarCity and Tesla will be voting to approve the acquisition. If it is approved, then the money from this fund could be the first to be used by the newly combined companies to install energy storage and solar installations.

Tesla needs more money to fund SolarCity deal

Between now and 2018, the EV firm will need around $12.5 billion in cash to fund the SolarCity merger successfully, believes Oppenheimer analyst Colin Rusch. In June, the automaker made an offer for all of SolarCity’s stock, valuing it at $2.6 billion. The automaker will need around $8 billion in capital expenses to merge its electric car business with the solar company, according to Rusch. Earlier this month, Musk denied that the electric car maker will need to raise capital in the near-term.

“Would also like to correct expectations that Tesla/SolarCity will need to raise equity or corp debt in Q4. Won’t be necessary for either,” Musk tweeted earlier this month.

On Monday, SolarCity shares closed down 1.75% at $19.65. Year to date, the stock is down more than 61%, while in the last year, it is down more than 55%. Tesla shares closed down 1.3% at $193.96. Year to date, the stock is down almost 19%, while in the last year, it is down almost 15%.