SolarCity raises $305 million to fund solar projects

Solar panel installer SolarCity Corp , which is being bought by Tesla Motors Inc for $2.6 billion, said on Monday it had raised $305 million to fund its projects.

A private investment fund affiliated with Quantum Strategic Partners Ltd provided the equity investment, the company said.

The fund was advised by Soros Fund Management LLC.

The deal included an 18-year-loan syndicated to five institutional investors, SolarCity said.

The solar company said last month it faced greater-than-usual delays in closing new project financing commitments due to its takeover talks with Tesla.

(Reporting by Arathy S Nair in Bengaluru:; Editing by Sriraj Kalluvila)