Elon Musk’s Tesla Motors Inc. (TSLA) plans to sell $1.6 billion in convertible notes to finance the world’s largest battery factory. Company reps are currently touring Texas, Nevada, Arizona and New Mexico, looking at potential sites for the 10 million-square-foot facility. Those dimensions make the TSLA build-out “… the most attractive industrial project out there.” And Musk’s goal of producing 500,000 cars a year will be that much closer to reality. Dubbed the “gigafactory,” this project would make Musk’s company a force in both U.S. manufacturing and electric power. The scale of this project is so immense that Tesla estimates it could drive down the cost of lithium-ion batteries by as much as 30 percent. Even before this announcement, shares of TSLA have gone up seven-fold in the last year. Now the question is, can Musk’s foray into power generation create another seven-fold jump.