U.K.-based SolarCity Inc. will invest $20 million into a new solar energy company, bringing the total of its investments in the sector to more than $40 million.
The investment comes as solar power generation continues to surge and companies like SolarCity are pushing their businesses into the growing market.
The company has a history of backing solar-based projects, and the move is part of a broader strategy to expand solar power as a way to generate jobs, grow revenues and reduce the environmental impact of the industry.
The company will be working with a number of companies in the industry including SolarCity, SunEdison Corp. and Duke Energy Corp. to build out a solar-powered power plant in Virginia, according to a statement from the company.
SolarCity CEO Lyndon Rive told CNBC the investment will allow the company to expand its business and drive down costs.
SolarWorld Corp. will be expanding its U.N. office, which is in Arizona, and its headquarters will be relocated to Texas, the company said.
SolarTech will be adding new solar manufacturing facilities to expand operations in the U.B.C. and California markets, according a statement.
The announcement comes as some U.C.-based solar power companies have been hit by delays in the federal government’s solar loan program, which has put them in competition with solar installers from countries like India and China.
The solar industry is still reeling from the loss of the U .
Federal Housing Finance Agency loan program for projects that use solar panels, as well as from a government shutdown in the summer of 2018.