SolarCity announced acquisition of ILIOSS, a Mexico-based solar developer. SolarCity hopes to enter on the promising market of Mexico.
ILIOSS, since inception in 2011, delivered up to date only over 10 MW of solar systems, which is a rather small value compared to 189 MW for SolarCity in Q2 (and 1,418 MW total).
"Upon close of the acquisition, ILIOSS will operate as an independent business unit of SolarCity. ILIOSS co-founder and Chairman David Arelle and co-founder and Chief Operating Officer Manuel Vegara will lead the new business unit as President and General Manager, respectively. Prior to founding ILIOSS in 2012, Mr. Arelle oversaw the development and construction of thousands of homes and apartments across Mexico, first as a private homebuilder and later as a part of a joint venture with Pulte Homes."
SolarCity refers to studies that say about 1,000 MW solar system could be installed from 2014 to 2020.
"Mexico's combination of high electricity rates, favorable solar economics and massive solar resources makes it one of the most promising solar markets in the world. 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 1,000 megawatts installed in that timeframe."