The world’s biggest solar company, SolarCity, has signed a $1 billion deal to build a $30 million mining truck that would mine gold in the Pacific Northwest.
The deal will also help finance construction of the world’s largest solar-based gold mine in the United States, which is expected to open by 2020.
The company said it expects to generate an estimated $20 million a year in revenue.
SolarCity said in a statement the deal was valued at $300 million and is subject to customary closing conditions, which will be announced later.
The deal is the first of a wave of private-sector investments in the mining industry in recent years.
The mining company, which has more than 800 employees, is building a $10 million facility in Fremont, California, that is intended to mine gold at a cost of about $30 per tonne.
It also said it plans to sell the mining truck and other equipment to other mining companies.
The company said the $30-million contract would enable the company to continue to grow its workforce, as well as grow its gold production.