SolarCity completes acquisition of Paramount Solar

11 September 2013

SolarCity Corp. (San Mateo, Calif.) has completed the acquisition of the assets of Paramount Energy Solutions, LLC, doing business as Paramount Solar (Granite Bay, California, U.S.), a subsidiary of Paramount Equity, for a total consideration of USD 120 million, including 3,674,565 shares of SolarCity common stock priced at USD 31.65 per share, and USD 3.7 million in cash.

The acquisition agreement was first announced on Aug. 13th, 2013 and the transaction closed and became effective on Friday, Sept. 6th. As previously announced, former Paramount Equity CEO Hayes Barnard has joined SolarCity as chief revenue officer in charge of the company's sales and marketing organizations, effective immediately.