SolarCity Buys Common Assets

San Mateo-based SolarCity said today that it has acquired Common Assets LLC, a company developing financial technology to allow individuals and institutions to invest in renewable energy projects. Financial terms of the acquisition were not announced. SolarCity said the buy will help it create a new avenue for individuals and insitutions to back solar power projects, via a new, Web-based investment platform. Common Assets was venture backed by U.S. Renewables Group.