SolarCity and Iliosson, S.A. de C.V. today announced that they have entered into a definitive agreement for SolarCity to acquire Ilioss in Mexico. Upon close of the acquisition, Ilioss will operate as an independent business unit of SolarCity.
As a combined entity, SolarCity and Ilioss expect to be able to allow many commercial and industrial customers in Mexico to pay less for solar power than they currently pay for electricity. GTM Research expects commercial and industrial solar deployment in Mexico to increase more than 1,000 percent between 2014 and 2020, with more than 1,000MW installed in that timeframe.
Marco Krapels, SolarCity Senior Vice President of Strategy and Global Expansion, initiated the acquisition. The transaction is expected to be completed in August 2015, subject to customary closing conditions.