Solar panel installer SolarCity to buy solar panel maker Silevo

NEW YORK (AP) — SolarCity, one of the nation's largest installers of rooftop solar power systems, is buying Silveo, a solar panel manufacturer.

It's the latest in a string of moves by solar power companies to engage in a broader part of the solar market, from manufacturing panels and modules to developing and financing projects to installing and building systems.

 

The deal was announced Tuesday by SolarCity Chairman Elon Musk and executives Peter and Lyndon Rive on the company's blog.

Terms of the deal were not disclosed.

Despite a global glut of solar panel manufacturing capacity, SolarCity said it is in discussions with the state of New York to build one of the largest solar panel production plants in the world over the next two years.

SolarCity shares were up almost 6 percent in morning trading Tuesday.

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