Despite concerns related to corporate governance and conflicts of interest, Tesla today confirmed that it has officially completed the acquisition of SolarCity. The proposed deal was approved by both Tesla’s and SolarCity’s shareholders last week so it was only a matter of time before the official announcement was made. Tesla announced its intention to acquire SolarCity for more than $2 billion a few weeks back.
Telsa co-founder and CEO Elon Musk has more than just business ties to SolarCity. His cousins Lyndon and Peter Rive are actually the founders of this solar energy company and Musk himself was the chairman of the company’s board of directors.
Concerns about conflicts and corporate governance aside, shareholders of both companies have shown that they are willing to trust in Musk’s vision of integrating the two companies into an entity that provides full-stack clean energy solutions for powering homes and cars.
The recently announced Solar Roof showcases Tesla’s vision for the future in which SolarCity is going to play a major role. The roof shingles will cost less than conventional shingles and they will be able to create solar power. The company expects to start installations in volume by next year.
Now that the acquisition has been officially closed, we will soon get a true sense of how Musk is planning to take the new entity forward.