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SolarCity’s Second Deal in a Month Continues Northeast Expansion

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SolarCity's Lyndon and Peter Rive
Lyndon Rive, co-founder and chief executive officer of SolarCity, left, and Peter Rive, fellow co-founder and chief operating officer, sit for a photograph after an interview in San Francisco. Photographer: David Paul Morris/Bloomberg

Feb. 17 (Bloomberg) -- SolarCity Inc., a closely held installer and owner of roof-top power systems, purchased GroSolar’s residential unit to expand into New York, New Jersey, Massachusetts and Pennsylvania.

SolarCity’s second acquisition in a month will add 55 employees with expertise in building regulations and local subsidies that Chief Executive Officer Lyndon Rive says are necessary for the company to grow in the region cost-effectively. He didn’t disclose the price.

“There are strong local and state incentives in the Northeast right now that make this the best time to go solar,” Rive said in an interview. “We do not expect that to last.”

SolarCity last month bought Clean Currents Solar from its parent, Rockville, Maryland-based Clean Currents LLC, a closely held supplier of renewable energy.

GroSolar, based in White River Junction, Vermont, will continue to install solar systems for commercial customers.

Foster City, California-based SolarCity, which designs and maintains most of the systems it installs, now has more than 1,000 employees in 10 states and has completed at least 10,000 roof-top projects in the U.S.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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