Google (GOOGL) has made its second investment in SolarCity, putting $300 million into a $750 million fund to finance about 25,000 residential solar projects. The new fund will cover the upfront cost of solar panel installations for homeowners in 14 states, SolarCity (SCTY) said. In 2001, Google invested $280 million in a similar SolarCity fund. Tesla Motors (TSLA) CEO and founder Elon Musk is chairman of the solar panel installer’s board.
SolarCity’s (SCTY) spending to fuel expansion contributed to a wider-than-expected Q4 loss and tepid Q1 guidance, which didn’t win over investors Thursday despite continued praise from analysts. SolarCity stock was down 6% in afternoon trading in the stock market today, near 54. SolarCity stock is down 23% the past year, as many solar stocks have fallen with plummeting crude oil prices. SunEdison (SUNE) stock, though, was up 1% Thursday after
The heat is on the solar industry once again, as SolarCity’s Q4 late Wednesday missed on the bottom line and SunEdison missed on the top line, sending both stocks falling. No. 1 solar installer SolarCity (SCTY) reported a wider Q4 loss than expected, as its total operating expenses doubled to $135 million and total operating losses more than doubled to $120 million. Its Q1 revenue and EPS forecast also missed. Q4 revenue met