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Two solar energy companies will pair up

Published June 17, 2014 9:55 am

Energy • SolarCity, which installs rooftop systems, buys solar panel manufacturer Silveo.
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

New York • 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 percent in morning trading Tuesday.

 

 

 

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