SolarCity Eyes Global Expansion with Acquisition of Mexican Solar Company

The largest solar installer and financier in the U.S., SolarCity, is breaking out of this country for the first time in a major way. On Wednesday the company announced that it plans to acquire Ilioss, a solar installer focused on building out solar panels on the rooftops of businesses across Mexico.

SolarCity agreed to buy the four-year-old company for $10 million in cash, and another potential $5 million related to deployment milestones. The firm was co-founded by entrepreneurs David Arelle and Manuel Vegara.