SolarCity buys East Coast solar installer

Wed Jan 26 2011, 12:34 PM

California-based SolarCity is snapping up the solar installation division of Mid Atlantic-based Clean Currents LLC. The firm is also acquiring a minority equity stake in Clean Currents LLC. Financial details of the deals were not disclosed. The acquisition will enable SolarCity to serve customers in Maryland and the District of Columbia. SolarCity will retain all of Clean Currents Solar’s employees, and plans to hire a further 30 people as it scales up in the region.

Deal Details

SolarCity also provides solar energy system installation services in Arizona, California, Colorado, Oregon and Texas. The firm’s solar leasing scheme enables homeowners and businesses to forego the high upfront costs of solar panels in return for smaller lease payments and a guarantee of the systems’ performance.

Last year, SolarCity raised USD22m in equity funding from investors including the Mayfield Fund, Draper Fisher Jurvetson Fund, DBL Investors and Generation Capital. Over the past two years, the firm has acquired home energy evaluation firm, Building Solutions, and electric car charging firm, SolSource Energy.