On Wednesday, SolarCity, the nation’s largest solar power provider, announced a $1.9 billion deal to purchase the electricity of two Florida towns, the SolarCity Wind Farm and SolarCity Solar Farm in the Palm Beach County area.
The Palm Beach, Florida, area, is home to the largest solar photovoltaic installation in the United States, with a capacity of 2,500 megawatts.
SolarCity, a California-based solar panel and panel manufacturing company, has invested $1 billion in solar power projects in the Florida market.
It will be the third largest solar PV developer in the state with over 4,000 megawatts of installed capacity.
The SolarCity acquisition will give SolarCity a foothold in the Sunshine State and the largest in the nation.
SolarCity’s $1,500-per-month lease with Palm Beach Power, the largest utility in Florida, will last through 2021.
The $1-billion deal is the largest for a solar power utility in the U.S. and the first-ever for a utility to acquire a solar energy company.
The SolarCity purchase comes amid a wave of consolidation and price-cutting across the industry.
Solar companies have increasingly been selling electricity to utilities, which have been able to use the lower costs of their solar panels to generate more money for their customers.
Solar companies have been trying to compete with utilities to capture more of the lower cost of solar power.
A report from Bloomberg New Energy Finance estimated that in 2017, SolarWorld, a major solar panel company, generated about $2 billion in revenue from the sale of solar panels, solar panels and related equipment.
SolarWorld’s acquisition of the SolarWorld Wind Farm in Orange County, Florida will allow the company to compete more effectively with its competitors.
The Wind Farm, located in Fort Myers, Florida is one of the most photoviolent and photovulcanic projects in Florida.
SolarWorld had said it was considering moving its operations to a new facility, but did not confirm that move when asked by Bloomberg New EV Finance.
SolarWind, a solar panel maker, acquired a solar PV factory in Palm Beach in 2019.
SolarWind was the first solar panel manufacturer to acquire an electric utility in North America.
Solarwind said in a statement that the purchase of the Florida Solar Wind plant will give it a significant foothold in Florida’s photovolcanic solar market and allow it to accelerate its development.
In its announcement, SolarWind said the purchase will help accelerate the company’s expansion and create jobs.
The company said it is committed to driving innovation and reducing greenhouse gas emissions, including reducing its carbon footprint.