Rooftop solar installer SolarCity to buy panel-maker, latest solar company to go vertical

NEW YORK, N.Y. – SolarCity, one of the nation’s largest installers of rooftop solar systems, is buying Silveo, a solar panel manufacturer.

It’s the latest in a string of moves by solar power companies to engage in a broader part of the solar market, from manufacturing panels and modules to developing and financing projects to installing and building systems.

The deal was announced Tuesday by SolarCity Chairman Elon Musk and executives Peter and Lyndon Rive on the company’s blog.

Terms of the deal were not disclosed.

Despite a global glut of solar panel manufacturing capacity, SolarCity said it is in discussions with the state of New York to build one of the largest solar panel production plants in the world over the next two years.

SolarCity shares were up almost 6 per cent in morning trading Tuesday.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

More Articles

Leave a Reply