SolarCity (NASDAQ:SCTY) is now officially the owner of Paramount Solar. The company said it has closed its acquisition of the residential solar solutions provider, in a deal that was originally announced in mid-August.  The price is $120 million, the bulk of which has been paid with nearly 3.7 million shares of SolarCity stock priced at $31.65 apiece. The remainder -- $3.7 million -- was settled in cash.

Following the consummation of the deal, Hayes Barnard, the former CEO of Paramount Equity (the parent company of Paramount Solar), joined SolarCity as its chief revenue officer in charge of sales and marketing organizations. The appointment is effective immediately.

Fool contributor Eric Volkman has no position in SolarCity. The Motley Fool owns shares of SolarCity. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.