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Tesla Offers £1.91bn To Buy SolarCity

Tesla Offers £1.91bn To Buy SolarCity

Tesla Motors has made a bid for SolarCity, a US company that designs, finances and installs solar power systems, in an attempt to boost its clean energy business.

The electric car maker's offer is estimated to be worth about 1.91bn pounds, sending the company's shares soaring.

Tesla's chief executive, Elon Musk, described the deal as a "no brainer" and natural expansion for the business that alongside being a market leader in electric cars, has been selling batteries that can power homes since last year.

"Instead of making three trips to a house to put in a car charger and solar panels and battery pack, you can integrate that in a single visit," he said.

The merger would build on an existing partnership between the two companies, under which SolarCity uses Tesla batteries as part of its solar projects, according to Tesla.