SAN MATEO, Calif., Sept. 9, 2013 (GLOBE NEWSWIRE) -- SolarCity Corp. (Nasdaq:SCTY) has completed the acquisition of the assets of Paramount Energy Solutions, LLC dba Paramount Solar, a subsidiary of Paramount Equity, for a total consideration of $120 million, including 3,674,565 shares of SolarCity common stock priced at $31.65 per share, and $3.7 million in cash. The acquisition agreement was first announced on Aug. 13 and the transaction closed and became effective on Friday, Sept. 6. 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.
SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
CONTACT: Media Contact SolarCity Jonathan Bass 650.963.5156 firstname.lastname@example.org
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV