It is considered to be an important hurdle that was crossed by the companies.
Excluding the votes of Tesla CEO Elon Musk and other affiliated shareholders, more than 85% of shares voted were cast in favor of the acquisition.
Musk who owns about 21% shares in Telsa and 22% shares in SolarCity and Antonio Gracias, who is one of the directors of both the companies had not attended the shareholders voting.
Tesla agreed to pay $2.6bn to acquire the struggling solar module supplying and installing company.
About the acquisition, Musk noted that he plans to build an integrated sustainable energy company, which not only produces energy in a sustainable way, but is also stored, consumed and even used in transportation in a sustainable manner.
Recently, Tesla introduced a new and improved powerpack, the PowerWall 2 and solar tiles which could be installed on top of homes for generating sustainable energy and storage.
Tesla expects the acquisition to contribute more than $500m in revenue in the next three years.
Upon completion of the acquisition, SolarCity would start volume production of new rooftop solar panels in 2017. It will introduce several variants in three month intervals, starting with the most popular variety.
The deal had received severe backlash from some of Tesla’s shareholders, who had filed lawsuits against the proposed acquisition.
Image: Tesla shareholders approve SolarCity acquisition deal. Photo: Courtesy of Tesla Motors.
