SolarCity has agreed to acquire Mexico-based renewable energy developer ILIOSS.
Upon close of the acquisition, ILIOSS will operate as an independent business unit of SolarCity. David Arelle, co-founder and chairman of ILIOSS, will become the business unit's president. Manuel Vegara, co-founder and chief operating officer, will serve as its general manager.
As a combined entity, SolarCity and ILIOSS plan to focus on opportunities in the commercial and industrial sector. SolarCity says Mexico's combination of high electricity rates and abundant irradiance makes it one of the most promising solar markets in the world.
The transaction is expected to be completed in August, subject to customary closing conditions.
