Charles Ferer, who joined SolarCity as chief financial officer more than a year ago, has left the company.
Ferer joined the Foster City, Calif.-based company in January, 2008. Although he is no longer the CFO, he is working with SolarCity to "ensure a smooth transition as we search for a new CFO," said SolarCity spokesman Jonathan Bass Friday.
Bass wouldn't say when Ferer left the company, and cited privacy concerns for declining to disclose the reason for Ferer's departure.
Ferer joined the company in January 2008, according to his LinkedIn profile. Before SolarCity, he was the CFO of the Garden division of Central Garden and Pets, a consumer products company in Walnut Creek, Calif.
"Charles made some very significant contributions to SolarCity, and he has helped manage the company through a period of very strong growth," Bass said in an email.
SolarCity designs and installs solar energy systems for homeowners, businesses and government organizations. It serves California, Arizona and Oregon.
The company offers financing options, from leases to power-purchase agreements, so that its customers don't have to pay the entire costs of owning a solar energy system from the start.
Other installers also offer similar programs. SunPower, a solar panel maker in San Jose, Calif., said this week that it would partner with Addison Avenue Federal Credit Union in Palo Alto, Calif., and offer loans up to $50,000 each to homeowners.
SolarCity has to raise funds in order to support its financing programs. Last week, the company said it had raised an undisclosed a tax equity fund with the U.S. Bancorp Community Development Corp. The announcement came only two months after SolarCity said it lined up funding from Greystone Renewable Energy Ventures.
SolarCity declined to disclose the funding amount from Greystone. The first infusion of money would be used to finance residential installations in California and Arizona, the company said.
The company wants to expand its operations to the East Coast later this year or at the beginning of next year. So raising more money would be crucial for the expansion.
Ferer's departure could potentially slow SolarCity's fundraising efforts since investors tend to work closely with the chief financial officer.
SolarCity's CEO Lyndon Rive doesn't think so, however.
"There will be no effect," he said. "We are actively looking for a new CFO. The company is well managed, and there is no hurry."
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