SolarCity stock went up 28% after hours on Tuesday, after CEO and majority shareholder Elon Musk’s Tesla (TSLA Quick QuoteTSLA - Free Report) bid to buyout the company on an offer of $26.50-$28.50 per share.

According to the company’s official statement, the move is meant to “complete the picture,” referring to the concept of consumers entirely using clean energy in their day to day lives. Through the acquisition, Tesla plans to become the “world’s only vertically integrated energy company offering end-to-end clean energy production.” 

SolarCity offers solar power, energy efficiency and electric vehicle design amongst other services to homes, schools and businesses alike. Musk is a Chairman for SolarCity, which was founded and run by his cousins, Peter and Lyndon Rive.

Although SolarCity stock has risen dramatically with the news, Tesla stock has dropped by more than 11.6% after hours.

The initial proposal was also available on the same blog, stating that Tesla “Offers fair and compelling value for SolarCity and its shareholders, while also giving SolarCity’s stockholders the opportunity to receive Tesla common stock at a premium exchange ratio and the opportunity to participate in the success of the combined company through their ongoing ownership of Tesla stock.”

SolarCity currently sits at a Zacks Rank #3 (Hold).

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