SolarCity, Silevo may get state money for 1-GW PV factory in NY

Jul 29, 2014 - SolarCity Corp (NASDAQ:SCTY) and its target Silevo Inc may get an expanded state incentive package for the planned 1-GW-plus photovoltaics (PV) factory in New York state, the Buffalo News said Monday, citing the governor.

SolarCity has turned to the state to provide financial support for the solar panel plant project, governor Andrew M Cuomo said, without mentioning any figures.

New York state in November 2013 agreed to pour USD 225 million (EUR 167m) into a clean-energy and technology complex in South Buffalo where Silevo subsequently decided to construct a 200-MW solar panel production plant. The potential expanded financing will be an evolution from the original agreement, Cuomo said, as quoted by the newspaper. He said the possible financing deal "is on a positive track."

Last month, solar installer SolarCity unveiled plans to buy sector player Silevo, whose manufacturing operations are based in China. It said at the time that together they will build the huge manufacturing complex in South Buffalo, seeking to cut costs through massive economies of scale. Having such a huge plant in the US will also be of significant advantage to Silevo now that imports of China-made solar products are facing additional anti-dumping and anti-subsidy levies.

(USD 1.0 = EUR 0.744)

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