First Solar(FSLR) has announced that it’s entered into a definitive agreement to purchase NextLight Renewable Power which expands its utility scale solarpresence in the southwest, by adding a 1100MW solar power projectpipeline.
570MW of that is under signed purchase power agreements which bring FSLR’s contracted solar power pipeline to 2200MW while 530MW isin various stages of development. The $285 million all cash deal isexpected to be completed in the 3rd quarter this year. FSLR entered the utility scale solar market in 2007 with a purchased of Ted Turner’sTurner Renewable Energy, continued with OptiSolar last year and nowEdison Mission and NextLight this year.
“The combination of NextLight and First Solar bringsbest-in-class power development experience and discipline to theemerging utility-scale solar industry. We look forward to joining theFirst Solar organization and leveraging their expertise to deliverhigh-quality solar generation to our customers,” said Frank De Rosa,NextLight chief executive officer.
Shares of FSLR are fractionally higher this morning.