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SolarCity Eyes Global Expansion with Acquisition of Mexican Solar Company

Thursday, Aug 06 2015

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The largest solar installer and financier in the U.S., SolarCity, is breaking out of this country for the first time in a major way. On Wednesday the company announced that it plans to acquire Ilioss, a solar installer focused on building out solar panels on the rooftops of businesses across Mexico.

SolarCity agreed to buy the four-year-old company for $10 million in cash, and another potential $5 million related to deployment milestones. The firm was co-founded by entrepreneurs David Arelle and Manuel Vegara.