SolarCity to acquire Paramount Solar in US$120 million deal

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PV developer SolarCity has announced it is to acquire one of its direct marketing partners, Paramount Solar, in a deal worth US$120 million.

SolarCity will pay US$116.3 million in stock and the rest in cash.

Paramount Solar has been one of the company’s must successful sales partners, according to SolarCity.

“SolarCity has developed what I believe to be the best field sales and marketing organization in the solar industry,” said Lyndon Rive, CEO, SolarCity. “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, a subsidiary of Paramount Equity, is currently majority owned by Guthy│Renker whose CEO Ben Van de Bunt is expected to join the SolarCity board. Paramount Equity CEO Hayes Barnard will join SolarCity as chief revenue officer in charge of the company’s sales and marketing organisations.

“Hayes Barnard and Guthy│Renker have built what I strongly believe to be the best virtual sales organisation in the solar industry, with an extraordinary ability to acquire customers at a low cost,” said Rive.

“We expect the addition of Hayes, Ben and the Paramount Solar team to help us attain our goal to reach one million customers in the next five years at an even lower cost than was previously possible.”

In response to the deal, SolarCity updated its guidance for 2013 from 270MW to 278MW. SolarCity will inherit Paramount’s waiting list of uninstalled customers.

Earlier this year Paramount Solar announced a new funding pot to offer clients finance options for residential rooftop installations.

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