San Mateo-based SolarCity announced Tuesday that it plans to buy Paramount Solar, a subsidiary of Paramount Equity, in a transaction valued at roughly $120 million. The deal gives SolarCity access to Paramount’s remote selling capability, which should further drive down the cost of acquiring new customers.
“We have the best sales and marketing team,” said SolarCity CEO Lyndon Rive in an interview Tuesday. “We need to become the best at remote selling. We looked at various acquisitions and no one had the leadership that Paramount Solar has.”
SolarCity has more than 3,400 employees and will add an additional 150 from Paramount.
SolarCity also raised its 2013 guidance to 278 megawatts to account for Paramount Solar’s backlog of uninstalled customers. SolarCity also has a goal of having 1 million solar customers by July 4, 2018.
SolarCity workers install solar panels on rooftops at Hickam Communities at Joint Base Pearl Harbor-Hickam. (Photo: Business Wire)