SolarCity Corp (SCTY) Acquires Paramount Solar For $120 Million
SolarCity Corp (NASDAQ:SCTY) has acquired Paramount Solar for $120 million. SolarCity is paying $116.3 million in stock and the rest in cash. Paramount Solar is one of SolarCity’s most successful sales partners.
“SolarCity has developed what I believe to be the best field sales and marketing organization in the solar industry,” stated SolarCity chief executive officer Lyndon Rive. “The national residential solar market has been growing between 60-70% annually, and we’ve been growing at twice that rate –144% year over year in the most recent quarter – and had three times the market share of our nearest competitor in 2012.”
Paramount Solar is owned by Paramount Equity, which is a majority owned by Guthy?Renker. Guthy?Renker CEO Ben Van de Bunt will be joining SolarCity’s board of directors. Paramount Equity CEO Hayes Barnard is joining SolarCity as chief revenue officer of the company’s sales and marketing division.