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SolarCity raises $345 million in funding

SolarCity has raised $345 million in funding that it will use to help install solar energy systems on its customers’ rooftops.

The San Mateo, Calif.-based company raised the funding from four partners in June and July by packaging the tax equity from the incentives that accompany many of the solar arrays that SolarCity installs.

SolarCity, which plans to open the biggest solar panel factory in North America next year in South Buffalo as part of the state’s Buffalo Billion economic development initiative, also said it has increased the size of its debt facility by $110 million to $760 million, mainly by adding two new lenders.

SolarCity, which must steadily raise new funding to support a business model that allows residential customers to install solar panels on their homes without any upfront costs, said it has raised more than $1.5 billion in project financing so far this year.

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