SolarCity, a US-based provider of solar energy services, has acquired peer GroSolar’s residential services division from a consortium including Allco Financial Group, a financial services business in liquidation.
GroSolar had raised more than $16m from venture capital firms NGP Energy Technology Partners, SJF Ventures, Calvert Social Funds, as well as Allco, and will concentrate on commercial business users of solar panels.
SolarCity has raised more than $130m from venture capital firms Mayfield Fund, Draper Fisher Jurvetson, DBL Investors and Generation Capital, according to news provider PE Hub.