Seeking Alpha

SolarCity raising more cash to finance expansion

  • Hungry for more cash to finance the expansion of its burgeoning solar installation business, SolarCity (SCTY +3.1%) is planning to sell $94-$108M worth of stock (2.8M-3.2M shares at $33.69, above SolarCity's current trading price), and issue $100M worth of convertible senior notes due 2018 ($115M if an overallotment option is fully exercised). (S-1s: I, II)
  • SolarCity announced a $175M convertible debt offering in June. Shortly before that, the company obtained a $100M loan to help finance panel installations, and reached a $500M+ financing deal with Goldman.
  • SolarCity had $271.4M in debt on its balance sheet at the end of Q2, and $165.6M in cash/equivalents. The company recently announced it's buying channel partner Paramount Solar for $120M, but that deal is mostly being paid for with stock.
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Comments (8)
  • Vico Confino
    , contributor
    Comments (236) | Send Message
    Vico Confino Tesla 85 and Tesla stock owner
    When will SCTY begin taking orders for home solar installation in Florida?
    Is there a waiting list in place.
    Vico Confino
    Boca Raton, Florida
    29 Aug 2013, 01:24 PM Reply Like
  • diegosegui
    , contributor
    Comments (6) | Send Message
    Our fair city of Destin has voted to not allow solar panels on new construction. It apparently will distract from the appearance. The real reason, of course, is the kickback from Gulf Power.
    Something, Florida cities must contend with.
    29 Aug 2013, 02:11 PM Reply Like
  • winfield100
    , contributor
    Comments (1646) | Send Message
    How can a city prohibit PV panels on private home construction? Is there a "it must be this pretty index?"
    energy incentives in Fla list
    29 Aug 2013, 02:24 PM Reply Like
  • msteck
    , contributor
    Comments (51) | Send Message
    Really? I find this hard to believe, also not finding anything online about it....
    29 Aug 2013, 02:29 PM Reply Like
  • Tricky
    , contributor
    Comments (1687) | Send Message
    Are you sure about that diegosegui?


    This happens quite a bit at the level of neighborhoods via Home Owners Associations. First time I'm hearing it applied across an entire city.


    I just did a quick Google search on "Destin forbids PV panels", didn't see anything in first few pages, except for this installer who lists Destin as one of its service areas.
    29 Aug 2013, 07:27 PM Reply Like
  • rambler1
    , contributor
    Comments (694) | Send Message
    The question is does Elon take any of the deal?
    29 Aug 2013, 02:23 PM Reply Like
  • Rhinoish
    , contributor
    Comments (124) | Send Message
    "Chief Executive Officer Lyndon Rive and Chairman Elon Musk plan to buy a total of 560,000 shares from the underwriters, according to the filing"
    29 Aug 2013, 05:43 PM Reply Like
  • winfield100
    , contributor
    Comments (1646) | Send Message
    Property Tax Exclusion for Residential Renewable Energy Property
    29 Aug 2013, 02:25 PM Reply Like
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