Solar panel installer SolarCity Corp, which is being bought by Tesla Motors Inc, 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 percent at $17.89 in afternoon trading on Monday.
A private investment fund affiliated with Quantum Strategic Partners Ltd 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 LLC. 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.
Bank of America Merrill Lynch acted as the sole syndication and structuring agent for the transaction.
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