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6 April 2009


First Solar completes acquisition of OptiSolar’s PV project pipeline

First Solar Inc of Tempe, AZ, USA, which makes thin-film photovoltaic modules based on cadmium telluride (CdTe), has completed its acquisition of the photovoltaic project development business of OptiSolar Inc of Hayward, CA (which makes thin-film PV modules and produces power from its own large-scale solar farms). First Solar expects to construct the solar power plants developed under OptiSolar’s project development pipeline over the next several years and sell them to a combination of regulated utilities, diversified energy companies and other independent power producers.

In addition, the core development team responsible for assembling and executing on the solar project pipeline has joined the First Solar development team. First Solar acquired all of OptiSolar’s project development business in an all-stock transaction valued at about $400m. As a result of the closing, First Solar will issue about 3 million shares of common stock, representing a dilution of about 3.5%. This is less than the dilution of about 5% that was expected when the acquisition was announced, due to recent appreciation in the price of shares of First Solar’s common stock.

See related items:

First Solar to develop 30MW CdTe PV plant for Tri-State

First Solar surpasses 1GW of CdTe PV module production

First Solar to acquire multi-Gigawatt utility-scale PV project business

CdTe PV maker First Solar passes $1 per Watt milestone

First Solar to supply CdTe PV modules for first carbon-neutral city

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