SolarCity acquires Zep Solar for $158 million

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American solar energy company SolarCity has finalized its acquisition of Zep Solar for a reported aggregate fee of $158 million, including 2.75 million shares of SolarCity common stock.

Zep Solar will also have a further option to acquire an aggregate of 303,151 shares of common stock, "based on the volume weighted average price per share of SolarCity common stock for the ten trading day period prior to the effective date of the merger," according to a SolarCity press statement.

The initial acquisition agreement was announced on October 9, with the transaction closing this week as SolarCity ramps up its expansion throughout the U.S. and pursues further growth via the recent offering of bonds to institutional investors. The company hopes to open 10 new operation centers in California alone before the end of the year, with further growth earmarked for 2014.