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This story is developing. Please check back for further updates.
SolarCity announced in a blog post Tuesday that it had acquired a new solar technologies manufacturer, and in doing so entered into talks with the state of New York to build one of the largest solar panel production plants in the world.
The blog post—authored by SolarCity chairman Elon Musk, CEO Lyndon Rive, and CTO Peter Rive— announced that their company would buy Silevo with the intent "to combine what we believe is fundamentally the best photovoltaic technology with massive economies of scale to achieve a breakthrough in the cost of solar power."
Read More Solar: The future of energy?
In addition to giving SolarCity new technology and manufacturing capacity, the Silevo deal also brings a pre-existing relationship with New York to Musk's table.
"We are in discussions with the state of New York to build the initial manufacturing plant, continuing a relationship developed by the Silevo team," the authors wrote in the post. "At a targeted capacity greater than 1 GW within the next two years, it will be one of the single largest solar panel production plants in the world. This will be followed in subsequent years by one or more significantly larger plants at an order of magnitude greater annual production capacity."
The authors of the post also hinted that SolarCity might see more acquisitions in the future, writing that they "may acquire additional photovoltaics companies as needed to ensure clear technology leadership."
SolarCity shares spiked nearly 10 percent following the announcement.