Panasonic, the top plasma TV maker in the world, is betting on a green future of solar power and hybrid cars as it negotiates a price for Sanyo Electric that analysts say could be up to $8.7 billion.

A key driver for Panasonic is Sanyo’s auto batteries business, which, in addition to powering hybrid and electric vehicles, could also mean a foothold in the solar-cell industry, another sector with strong growth potential amid concern about global climate change.

Sanyo is one of the largest solar cell makers and competes with bigger rivals like Q-Cells of Germany.

“This isn’t a bad combination,” said Nobuo Kurahashi, an analyst with Mizuho Investors Securities. “Sony doesn’t make auto batteries, at least not yet. When hybrid and electric vehicle demand takes off, Panasonic and Sanyo will be far ahead of everyone else…”

In addition, Sanyo is the top supplier of rechargeable batteries used in cellphones, laptops and MP3 players, ahead of rivals like Sony and Panasonic.

I was wondering what this is all about. Been following the rumors of the acquisition for a couple of days, now; but, previously, no one’s offered much in the way of analysis.

John Dvorak – in his Tech5 podcast – also noted that Sanyo is actually the contract manufacturer for a great many brands of digital cameras. And I’m especially impressed with what Panasonic has brought to that marketplace in recent months.