Tesla defends plan to acquire SolarCity

AFP, SAN FRANCISCO: Tesla on Tuesday defended its controversial plan to acquire renewable energy company SolarCity, painting it as a financially smart move toward a more environmentally friendly future.
Combining the two companies would have “significant financial benefits,” adding more than a half-billion dollars in cash to Tesla’s balance sheet in the three years ahead, the US company said.
Tesla forecast that SolarCity would contribute a billion dollars in revenue to the combined company next year alone. Tesla revealed in September that four lawsuits have been lodged seeking to block its merger with troubled solar panel installer SolarCity.
Two of the suits filed in Delaware court were backed by individual shareholders and the other two by pension funds representing public employees in Riviera Beach, California and in Arkansas.
The litigation “could result in an injunction preventing the completion of the merger or a judgment resulting in the payment of damages,” Tesla said at the time.
In June, Tesla Motors and SolarCity Corp. proposed a merger that Tesla says will expand the attractiveness of its car sales by - together with a large battery factory it is building - creating a solution for car owners wanting a home solar system that supports both their car and household energy needs.
“The acquisition of SolarCity will create the world’s only integrated sustainable energy company, from energy generation to storage to transportation,” Tesla said Tuesday in a release.

Tesla defends plan to acquire SolarCity

AFP, SAN FRANCISCO: Tesla on Tuesday defended its controversial plan to acquire renewable energy company SolarCity, painting it as a financially smart move toward a more environmentally friendly future. Combining the two companies would have significant financial benefits, adding more than ahalf-billion dollars in cash to Teslas balance sheet in the three years ahead, the US company said. Tesla forecast that SolarCity would contribute a billion dollars in revenue to the combined company nextyear alone. Tesla revealed in September that four lawsuits have been lodged seeking to block its merger with troubled solar panel installer SolarCity. Two of the suits filed in Delaware court were backed by individual shareholders and the other two by pension funds representing public employees in Riviera Beach, California and in Arkansas. The litigation could result in an injunction preventing the completion of the merger or a judgment resulting in the payment of damages, Tesla said at the time. In June, Tesla Motors and SolarCity Corp. proposed a merger that Tesla says will expand the attractiveness of its car sales by - together with a large battery factory it is building - creating a solution for car owners wanting a home solar system that supports both their car and household energy needs. The acquisition of SolarCity will create the worlds only integrated sustainable energy company, from energy generation to storage to transportation, Tesla said Tuesday in a release.