SolarCity (SCTY) just acquired privately held financial technology firm Common Assets.
The distributed energy financier and installer also just announced that it will offer a web-based investment platform to allow \”individuals and organizations\” to invest in solar projects.
Tim Newell, financial products expert and CEO of Common Assets, will join SolarCity as VP of financial products. John Witchel, chief architect of the company (and former CTO of Prosper Marketplace, a person-to-person online lending marketplace), joins SolarCity as senior technology architect for financial products.
Newell told GTM yesterday that \”SolarCity has been changing the way that clean energy is delivered to homeowners — offering financial products that will allow a broad range of investors access to debt instruments backed by diverse portfolios of solar assets.\”