SolarCity inks deal with Wal-Mart; shares surge
Shares of SolarCity Corp. soared Friday morning after the company said it would provide Wal-Mart with solar power.
The San Mateo, Calif.-based company’s stock rose as high as $56.94 a share, up 6% from Thursday’s close.
The solar power producer said it inked a four-year deal to install solar power projects for Wal-Mart at facilities in up to 36 states.
Wal-Mart and SolarCity have teamed up before. The Bay Area firm said it has installed more than 200 solar projects at Wal-Mart locations since 2010.
In mid-morning trading, SolarCity’s stock fell back slightly from its high. Shares were up $2.05, or 3.82% to $55.68.
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