SolarCity Acquisition Lets Individuals Invest in PV Projects

SolarCity has announced plans to launch a new, Web-based investment platform through which it intends to allow a broad range of investors, including both individuals and organizations of all sizes, to participate directly in solar investments that have previously only been available to large financial institutions. 
 
SolarCity has acquired a privately-held financial technology company, Common Assets LLC, which developed the investment platform SolarCity will use to distribute its investment products. Tim Newell, the president and chief executive officer of Common Assets, and John Witchel, Common Assets’ chief architect, have joined SolarCity as part of the transaction. Newell, who will serve as SolarCity’s vice president of financial products, brings more than 25 years of investment, technology and government experience, including roles as senior advisor to private equity firm US Renewables Group; managing director of venture capital firm Draper Fisher Jurvetson’s clean technology affiliate fund; managing director and head of investment banking for E*Trade’s investment banking affiliate, E*Offering; and head of investment bank Robertson Stephen’s financial technology group. Witchel, who will serve as SolarCity’s senior technology architect for financial products, is an experienced technology executive and successful entrepreneur with experience in large-scale financial innovation. Notably, Witchel was co-founder and chief technology officer of Prosper Marketplace, where he oversaw design and development of the first person-to-person online lending marketplace in the U.S. Common Assets was backed by U.S. Renewables Group (USRG), a private equity firm that specializes in renewable energy investments, and Jim McDermott, managing partner of USRG, served as chairman of Common Assets prior to the acquisition.

Source: 
Clean Edge News