- P-E firm Silver Lake's alternative energy arm (Silver Lake Kraftwerk) is investing $100M in SolarCity (SCTY), the NYT reports. Chairman Elon Musk (recently disclosed new share purchases) is investing $10M, and CEO Lyndon Rive $3M. The investment is in the form of non-interest bearing notes convertible at $33/share.
- Silver Lake invested $25M in SolarCity in 2012 before the company went public, and earned a 4x return when it sold its shares post-IPO. The NYT states Silver Lake execs recently approached Rive and "offered what they described as a show of confidence in the company: a big investment."
- SolarCity has risen to $27.10 premarket. Shares fell hard yesterday as solar stocks sold off amid SunEdison's plunge.They're down 49% YTD.
- Update: SolarCity has confirmed the investment.