D-Day for Tesla and SolarCity on November 17

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The shareholder referendum has been set for next month, to determine whether the two energy giants will officially combine. Source: gigaom

Tesla Motors and SolarCity are closer to combining their empires to form what could be the world’s largest solar and energy storage company, as the final referendum for the merger has been officially set for 17 November 2016.

The date next month will host a shareholder meeting to vote on the prospective US$2.6 billion acquisition. According to a Tesla blog, final proxy materials are now being mailed to each company’s shareholders in preparation.

If shareholders approve the transaction, proposed amidst mixed reviews from the solar industry and an investor backlash, a combined Tesla and SolarCity will materialise Elon Musk’s vision for a world-first opportunity to “generate, store and consume energy sustainably, through a suite of integrated products that add aesthetics and function while reducing cost”.

“By leveraging SolarCity’s installation network and Tesla’s global retail footprint, we can do this in a way that is seamless for our customers and that we expect will create significant value for our shareholders,” the blog reads.

The final referendum is however not the only important date to marked on the calendars of eager spectators; on 28 October, the two companies will unveil a never-before-seen rooftop solar product, following a separate Tesla product unveiling on 17 October that Musk reveals will be “unexpected by most”.

The Tesla-SolarCity product is designed to work in conjunction with the Powerwall 2.0 and, according to the company, will be a taster for what is to come should the two officially combine.

In anticipation for the upcoming events and new products, Tesla has beseeched its shareholders to vote their shares as part of the process by 16 November 2016. 

Read Next

June 16, 2021
EQT infrastructure has announced a takeover bid for Solarpack, which owns approximately 450MW of operational solar PV projects.
June 15, 2021
The confidence of renewable energy investors and developers stands at an “all-time high”, a new report by the American Council on Renewable Energy (ACORE) claims, however investment must surge in the coming years if the US is to meet decarbonisation goals.
June 14, 2021
UK-based solar developer and O&M provider Anesco has been acquired by a joint venture between US private equity firm Ara Partners and Aksiom Services Group.
PV Tech Premium
June 12, 2021
With South Africa faced with ongoing power cuts, Jules Scully explores the how solar PV can help decarbonise the country’s coal-heavy grid while providing energy security.
June 9, 2021
Italian utility A2A has said it will be able to accelerate its renewable generation growth plans thanks to a new partnership with investment house Ardian, as the partners establish what they claim will be Italy’s second-largest platform focused on the energy transition.
June 8, 2021
Solar PV and wind will continue to be the cheapest sources of new electricity generation capacity in Australia, even when integration costs are included, according to new research from the country’s science agency, CSIRO, and the Australian Energy Market Operator.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021