SolarCity New Zealand Limited ("SolarCity") today announced the completion of a NZ$5m capital raising with Pencarrow Private Equity, to fund its expansion strategy across New Zealand and the Pacific.

SolarCity is contracted to install 3.4Mw of solar on New Zealand’s largest solar subdivision in Christchurch and is currently installing 1Mw of solar on the islands of Tuvalu and Rarotonga. SolarCity, one of the nation’s top five fastest growing green companies, currently has exclusive joint ventures in place with Genesis Energy and Panasonic New Zealand, and works alongside large building contractors and property developers.

Andrew Booth, founder and CEO of SolarCity, commented, "We are delighted that Pencarrow has joined the company. As New Zealand’s longest established private equity investors their expertise will be an invaluable contribution to our future development and growth. This new investment further strengthens our position as a leader in this rapidly growing sector."

Philippa Weston of Pencarrow said, "SolarCity has an impressive track record in the solar market and we are excited about the prospect of further expansion. We believe SolarCity’s experienced management team is well positioned to capture the fast growing solar opportunity in New Zealand and we look forward to working with them.”