First Solar Acquires 60 MWAC North Star Project from NorthLight Power
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) and NorthLight Power, LLC today
announced that First Solar has acquired the 60 megawattAC
(MW) North Star solar project that NorthLight has developed in Fresno
County, Calif. NorthLight is a joint venture of Renewable Energy
Corporation ASA and Summit Power Group, LLC. Terms of the transaction
were not disclosed.
The photovoltaic (PV) solar plant is expected to start construction in
2014 and be completed in 2015, providing up to 410 construction jobs.
When fully operational, it will produce enough clean, renewable energy
to power over 21,000 average California homes while displacing
approximately 33,000 metric tons of water consumption and 39,000 metric
tons of CO2 per year—the equivalent of taking about 7,500
cars off the road each year.
The North Star project is located near the city of Mendota and has a
20-year power purchase agreement with Pacific Gas and Electric Company.
"We're excited to be acquiring and constructing our first utility-scale
photovoltaic power project in Fresno County," said James F. Cook, First
Solar Director of Project Development. "North Star will provide
much-needed construction employment in a hard-hit economy, while helping
the state satisfy its renewable energy requirements."
"Summit Power Group is pleased to be working with First Solar on this
project," said Dana Zentz, Vice President of Commercial Development for
Summit and Managing Director of NorthLight Power. "We have received and
been thankful for tremendous support from the local community, and look
forward to continuing success with other solar projects that are in our
current development portfolio within NorthLight Power."
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced module and system technology.
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.
About Renewable Energy Corporation ASA
REC is a leading global provider of solar electricity solutions. With
nearly two decades of expertise, REC offers sustainable, high-performing
products, services and investment opportunities for the solar and
electronics industries. Together with its partners, REC creates value by
providing solutions that better meet the world's growing electricity
needs. Our 2,300 employees worldwide generated revenues of more than NOK
7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion. To
see more of what REC can offer, visit www.recgroup.com.
About Summit Power Group
Seattle-based Summit Power Group, LLC excels in the innovative
development of electric power projects. Led by experienced professionals
with an extensive knowledge of the energy industry in the United States
and abroad, Summit has a remarkable track record of developing large,
low-carbon energy projects, with over 7,000 megawatts of electric power
plants that it has developed for its clients in operation, and over
2,000 MW in development or under construction. Total Summit-led projects
in service or under contract, including O & M agreements, represent over
7 billion dollars of investment. For more information about Summit Power
Group, please visit: www.summitpower.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
+1 602 414-9315
+1 602 414-9315
Arndt E. Lutz
Source: First Solar, Inc.
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