Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of solar installer SolarCity (NASDAQ:SCTY) are up 17% today after announcing another financing deal.

So what: Direct Energy and SolarCity have created a dedicated investment fund that will offer up to $124 million to build solar projects. Direct Energy will contribute up to $50 million to the fund, which will service commercial and industrial customers.  

Now what: To put this move into perspective, SolarCity's market cap is up about $400 million after announcing $124 million in financing. The fund is really business as usual for SolarCity, who didn't raise guidance so there won't be an impact to operations this year. I like SolarCity as a company but have a hard time seeing the stock as a value today, especially with crazy pops on financing that will generate about $25 million in earnings. That's why I'm not a buyer today.

Interested in more info on SolarCity? Add it to your watchlist by clicking here.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool owns shares of SolarCity. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.