First Solar to Acquire NextLight Renewable Power, LLC
News - Staff reports
Author: CompoundSemi News Staff
April 28, 2010... First Solar of Tempe, Arizona USA, reports that it will be acquiring NextLight Renewable Power, LLC after the companies entered into a definitive agreement. First Solar will gain a 1,100 megawatt (MW) solar project pipeline for NextLight Renewable Power, a leading developer of utility-scale solar projects in the southwestern United States. First Solar will purchase the company in a $285 million all cash transaction that is expected to be completed in the third quarter of 2010, pending the satisfaction of certain closing conditions specified in the merger agreement.
The transaction represents another step in First Solar's expansion in the U.S. 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.
Of the acquired 1,100 MW solar project pipeline, 570MW (AC) is under signed power purchase agreements with western utilities. First Solar indicated that this increases its contracted photovoltaic (PV) solar project pipeline to 2,200MW. The acquired project pipeline from NextLight also includes 530MW (AC) of additional PV projects in various stages of development. NextLight's projects reportedly ranging in size from 30MW to 290MW. They are largely located on private land.
"NextLight has assembled a project pipeline that very much complements First Solar's project portfolio. We are looking forward to having the highly experienced NextLight team join First Solar," said Rob Gillette, First Solar chief executive officer.
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