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Tesla makes offer to acquire SolarCity

Flickr/ N A I T

Tesla is after a missing piece in its energy jigsaw with a bid to acquire US solar energy provider SolarCity.

US entrepreneur Elon Musk’s Tesla already manufactures electric cars, and provides energy storage through its Powerwall products – but those innovations mean little for sustainability without a renewable power source.

SolarCity offers a complete solar power installation service to domestic, commercial and government users in 27 US states.

If the sale is completed, Tesla will be able to offer customers a sustainable transport and energy package. The company’s stated goal is to provide ”end-to-end clean energy products to our customers,” according to a Tesla release marking the offer.

The offer is worth $26.50 (£18.07) to £19.44 per share, around 21% to 30% of the closing price for SolarCity’s shares, according to the release. 

Musk is already a stockholder and chairman at SolarCity, and recused himself from voting on the proposal in the Tesla board meeting where it was proposed.

 

 

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