Breaking solar news this morning from my blog at Forbes:
The largest solar power installer on the west coast, SolarCity, announced this morning that it is acquiring the residential installation division of groSolar, the largest solar installer in the east (groSolar will continue as a distributor and commercial developer). A company spokesperson says the acquisition is part of SolarCity’s “retail version” of the Obama Administration’s recent “SunShot” initiative to achieve grid parity with fossil fuels in the next five years. The San Mateo-based company has already installed roughly 10 percent of the nation’s rooftop photovoltaic (PV) panels.
SolarCity has been on quite a tear — even before today’s news.
- Earlier this month, the San Mateo, California-based full-service solar provider hired Apple’s senior director of world services, Mark Roe, as vice-president of operations.
- Only days before that, SolarCity signed a $40 million deal with Citi to finance expansion.
- In late January, SolarCity announced its first major move into the east-coast market, acquiring Clean Currents‘ solar division.
- In 2010, the company shot passed SunPower and Chevron to take the number one marketshare position in California
- Also last year, the Department of Energy named SolarCity “Green Power Supplier of the Year.”