12 July 2010


First Solar completes acquisition of NextLight

First Solar Inc of Tempe, AZ, USA, which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement and construction (EPC) services, has completed its $297m acquisition of NextLight Renewable Power LLC of San Francisco, CA, a solar development firm formed by the inaugural fund of Energy Capital Partners (a private equity firm focused on investing in North America's energy infrastructure).

With the acquisition, First Solar now has power purchase agreements for 2.2GW of utility-scale solar projects in North America. The firm says that the transaction represents another strategic step in its expansion in the US utility-scale power market, which began in 2007 with the acquisition of Turner Renewable Energy and continued with the acquisitions of solar project pipelines from OptiSolar in 2009 and Edison Mission Group in 2010. NextLight’s team of project developers and other staff have joined First Solar.

The first project developed by NextLight that is expected to start construction by First Solar is the 290MW Agua Caliente Solar Project in Yuma County, AZ. On 3 June, the California Public Utilities Commission approved the project’s power purchase agreement with Pacific Gas and Electric Company, and the appeal period expired without challenge on 7 July. Construction is expected to start this year.

See related items:

First Solar creates utility systems business

First Solar to acquire solar project developer NextLight for $285m

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