SolarCity Buys Silevo For $350M

San Mateo-based solar financing firm SolarCity said this morning that it has agreed to acquire Silevo, a developer of solar modules. SolarCity said it will pay $350M for Silevo in stock and earnout. Silveo was based in Fremont. The move will be the first into solar panel manufacturing for SolarCity, which until now has focused on financing solar installs, letting others handle the actual development of photovoltaic panels and related equipment.