SolarCity Corp (NASDAQ:SCTY) and ILIOSSON, S.A. de C.V. today announced that they have entered into a definitive agreement for SolarCity to acquire ILIOSS, one of the largest commercial and industrial solar developers in Mexico. Upon close of the acquisition, ILIOSS will operate as an independent business unit of SolarCity. ILIOSS co-founder and Chairman David Arelle and co-founder and Chief Operating Officer Manuel Vegara will lead the new business unit as President and General Manager, respectively. Prior to founding ILIOSS in 2012, Mr. Arelle oversaw the development and construction of thousands of homes and apartments across Mexico, first as a private homebuilder and later as a part of a joint venture with Pulte Homes.

Mexico’s combination of high electricity rates, favorable solar economics and massive solar resources makes it one of the most promising solar markets in the world. As a combined entity, SolarCity and ILIOSS expect to be able to allow many commercial and industrial customers in Mexico to pay less for solar power than they currently pay for electricity. GTM Research expects commercial and industrial solar deployment in Mexico to increase more than 1,000 percent between 2014 and 2020, with more than 1,000 megawatts installed in that timeframe.

Marco Krapels, SolarCity Senior Vice President of Strategy and Global Expansion, initiated the acquisition. The transaction is expected to be completed in August 2015, subject to customary closing conditions. (Original Source)

Shares of SolarCity closed yesterday at $59. SCTY has a 1-year high of $79.40 and a 1-year low of $45.91. The stock’s 50-day moving average is $55.18 and its 200-day moving average is $55.19.

On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on August 3, Morgan Stanley analyst Stephen Byrd maintained a Hold rating on SCTY, with a price target of $93, which implies an upside of 57.6% from current levels. Separately, on July 30, Credit Suisse’s Patrick Jobin maintained a Buy rating on the stock and has a price target of $105.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Byrd and Patrick Jobin have a total average return of 3.9% and 7.1% respectively. Byrd has a success rate of 60.0% and is ranked #1827 out of 3724 analysts, while Jobin has a success rate of 45.8% and is ranked #1357.

The street is mostly Bullish on SCTY stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $81.75, which represents a potential upside of 38.6% from where the stock is currently trading.

SolarCity Corp is engaged in designing, sale, engineering, installation, monitoring, maintenance and financing of solar energy systems to residential and commercial customers.