Ambit energy, a unit of energy company Xoom, has entered a $1 billion agreement to purchase a 60-megawatt solar-powered home and office project for about $8 million from solar company SolarCity Corp. The deal will generate about 1,100 jobs.
Ambit will use the power of the solar panels to power its homes and offices, while SolarCity will use its own solar energy to power their facilities.
SolarCity Chief Executive Lyndon Rive said the deal was about the future of the energy sector and providing the American people with the power they need to stay on the cutting edge.
The project is one of many that Ambit is building with other companies.
Solar energy is one way Ambit can generate power at home and work, and the company has the technology and infrastructure to handle a lot of different energy needs, Rive added.
Amble has the ability to build large-scale, high-efficiency buildings, and with this new solar system, the company can deliver its customers the most cost-effective energy solution, he said.
The SolarCity deal is one example of Ambit’s efforts to diversify its business.
Ambli has more than 20 companies that are building or are in the process of building solar power systems, including solar panels, wind turbines, batteries and solar panels.
Ambase’s solar panels can produce about 50 megawatts of electricity.
“We’ve seen solar power become a critical part of the electricity grid, and we’re continuing to invest in this industry,” Rive told reporters in New York this week.
Ambits solar energy project will use solar panels that can produce up to 500 megawatts.
The company is also working on new products for its solar panels and batteries, Rave said.
Ambic said it will begin installing solar panels on its solar-panel factory in New Jersey, which is also set to be the site of a $4 billion solar project.
Ambp said it has already received more than 1,000 applications from customers looking to install solar panels at home.
“Solar is a huge opportunity for Ambit,” Rives said.
“With the growth of our businesses and our technology, we are confident that we can make Ambit the leader in solar energy, and make it even more competitive in the marketplace.”
Ambit was the first energy company to enter the residential market with solar panels when it sold its business in 2009.
The utility is building its solar power plant in Pennsylvania, which it hopes to use to power homes and commercial buildings, the solar energy industry said.