Tesla has received approval to acquire solar panel company SolarCity for $2.6bn, in a move which comes at a financial crossroads for a solar industry, which is facing the prospect of an oversupply of solar panels.
Tesla Motors’ Chief Executive, Elon Musk, is buying $65m of bonds from SolarCity Corp, a deal which comes after the money-losing solar panel company said it would cut operating costs to bring expenses in line with its reduced solar installation outlook. SolarCity’s recent economic dire straights and subsequent cost cutting is a reflection of an…
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