Solar developer SolarCity, San Mateo, Calif., entered a definitive agreement to acquire ILIOSSON, S.A. de C.V., Mexico City, Mexico, one of the largest commercial and industrial solar developers in Mexico. ILIOSS will operate as an independent business unit of SolarCity, with co-founders David Arelle, chairman, and Manuel Vegara, COO, continuing to lead the business unit as president and general manager, respectively.
Prior to founding ILIOSS in 2012, Arelle oversaw the development and construction of thousands of homes 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 a promising solar market, Solar City said in a release. As a combined entity, SolarCity and ILIOSS plan to allow many commercial and industrial customers in Mexico to pay less for solar power than they currently pay for electricity.