First Solar Acquires 150 MWac Solar Gen 2 Photovoltaic Power Project
Imperial County Solar Plant Expected Online in 2014
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) has acquired the 150-megawattAC
(MW) Solar Gen 2 power project from an affiliate of The Goldman Sachs
Group, Inc. (NYSE: GS), Energy Power Partners and a third equity partner
for the project. Construction of the facility, which is located in
Imperial County, Calif., near El Centro, is expected to start this year
and be completed in 2014.
The photovoltaic (PV) solar plant will generate enough electricity to
power more than 60,000 average California homes, displacing more than
115,000 metric tons of CO2 per year (the equivalent of taking
22,000 cars off the road) and saving 93,000 metric tons of water per
The electrical output of the project will be purchased by San Diego Gas
& Electric Company (SDG&E) under a 25-year power purchase agreement.
Solar Gen 2 is expected to provide on average more than 800 construction
jobs in Imperial County, an area currently suffering from high
"We are very pleased to help SDG&E meet its clean energy goals and
provide clean, reliable, renewable power to their customers," said Dana
Diller, First Solar Vice President of U.S. Business Development. "We are
also proud to once again bring the economic benefits of utility-scale
solar development to Imperial County, where both county officials and
the Imperial Irrigation District, with which this plant will
interconnect, have been extremely supportive."
"We are delighted to transition Solar Gen 2 to First Solar, one of the
world's leading solar companies. First Solar shares our vision of
providing clean energy for California and green jobs for Imperial
Valley, one of the most economically challenged areas in the country,"
said Steve Zaminski, CEO of Solar Gen 2 and owner of Energy Power
Partners. "We are grateful to SDG&E, the Imperial Irrigation District,
the County of Imperial and the California Public Utilities Commission
for their leadership and support in contributing to the successful
outcome of this development effort."
Financial terms were not disclosed. The acquisition includes 40 MWDC
of solar modules that the project previously purchased from another
supplier, which will be integrated into the installation. First Solar
will supply the balance of modules for the power plant, along with its
project development, engineering, procurement and construction (EPC),
and grid integration services.
About First Solar
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced thin-film modules. The
company's integrated power plant solutions deliver an economically
attractive alternative to fossil-fuel electricity generation today. From
raw material sourcing through end-of-life module recycling, First
Solar's renewable energy systems protect and enhance the environment.
For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors and the company's key strategic relationships and
other risks detailed in the company's filings with the Securities and
Exchange Commission. First Solar assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
First Solar media
Power Partners media
Source: First Solar, Inc.
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