Soon after SolarCity acquired solar panel maker Silevo in the summer of 2014, it announced the construction of a 1.2-million-square-foot 'Solar Gigafactory' in Buffalo, New York. The Buffalo solar gigafactory aims to start producing solar cells in 2016, with a ramping up to 1 GW of annual capacity by 2017. If all goes well, the facility could eventually be expanded to 5 GW/year at some point. The solar cells produced there have a target price of around $0.50/watt, which would make them very competitive with other power sources.