(Reuters) Solar panel installer SolarCity Corp (SCTY.O), which is being bought by Tesla Motors Inc (TSLA.O), on Monday said it had raised $305 million by selling the future cash flows for a portfolio of solar projects to a fund advised by billionaire investor George Soros’ hedge fund.
Shares of the company, which is backed by Tesla founder Elon Musk, were up 7.4 percent at $18.00 in afternoon trading on Monday as investors cheered the solar company’s ability to raise funds to fuel its rapid expansion.
