Sammons leads USD-241m cash equity deal with SolarCity
SolarCity van. Author: Tony Webster. License: Creative Commons, Attribution 2.0 Generic.
US investment firm Sammons Renewable Energy (SRE) said on Thursday it has led the equity portion of a USD-241-million (EUR 231m) cash equity transaction with Tesla Motors’ (NASDAQ:TSLA) solar power unit SolarCity.
SRE is investing in a portfolio of solar projects in 16 states, including 26,000 residential installations and 19 commercial and industrial solar arrays. The company said that this financing is non-recourse to SolarCity.
“Our objective is to partner with strong development companies and to acquire solar, wind and hydroelectric projects either at commencement of construction or project completion,” said Tom Tribone, CEO of Franklin Park Investments, which is the management partner of Sammons. Tribone noted that the company seeks to invest more in the North American renewables market.
SRE is a unit of Dallas, Texas-based diverse holding company Sammons Enterprises Inc.