Sierra Trading is selling its shares to hedge its cash pile and pay down debt.
The company, which has been a leader in the renewable energy space for more than a decade, is selling more than $8.6 billion worth of its stock to pay down $3.6 million of debt.
Sierra will use the proceeds to pay off $4.4 million in debt.
Its stock is up about 22% in the last 24 hours.
Sierra said it will use proceeds from the sale of its debt and debt-free debt to expand the company’s revenue, invest in the future and invest in its employees.
“We expect to generate revenue of approximately $2.3 billion through 2019 and are committed to expanding our business, operating facilities and technology,” Sierra CEO Joe Smith said in a statement.
Sierra has a long and storied history in the energy space.
It has developed a series of high-profile products for wind and solar power.
Sierra was spun off from Enphase Solar in 2013.
Enphase’s solar panels and wind turbine technology have been copied by companies like Tesla, SolarCity and Instacart.
EnviroLogic, a company that sells software and services to the renewable industry, is also owned by Sierra.
Sierra currently has more than 2,200 employees in its various businesses, including the Sierra Energy Group, Sierra Trading, Sierra Energy Operations, Sierra Solar, Sierra Resources and Sierra Resources Consulting.