Tesla plans to buy SolarCity for $2.8bn

Posted on 22 Jun 2016 by Michael Cruickshank
A SolarCity photovoltaic solar panel array. Image courtesy of SolarCity.

Electric vehicle manufacturer Tesla Motors yesterday announced a plan to purchase solar photovoltaic (PV) panel maker Solar City.

The company plans to offer $2.8bn for SolarCity, at a price of $26.50 to $28.50 per share. SolarCity is the market leader in the US for solar PV, however has been struggling to make a profit. According to a statement released by Tesla Motors, the company is interested in combining SolarCity’s panels with energy storage options…

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