Local economic development officials remain confident that Silevo, the California-based solar panel manufacturer being recruited to anchor a South Buffalo clean-energy hub, will follow through with its plans even though the company is being acquired by a rival firm lead by a well-known entrepreneur.
Elon Musk’s SolarCity Corp. announced plans Tuesday to acquire Silevo for $200 million — a price that could climb to $350 million — and bring more than 1,000 jobs to Buffalo. The deal would cement SolarCity’s position as one of the top producers of solar energy devices and products.
Combined the two companies represent a $1.5 billion investment. Silevo and Soraa are to jointly occupy 275,000-square-feet at Riverbend.
Musk on his SolarCity blog hinted that the Buffalo project would advance, but, instead of a 200-megawatt capacity, he envisions it having a 1 gigawatt output, five times the initial plans.