First Solar Acquires US and Mexico Portfolio from Element Power
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) announced today it has acquired a
pipeline of U.S. and Mexico development assets from Element Power. The
1.5 GW pipeline includes geographically diverse projects in various
stages of development. Terms of the deal were not disclosed.
Included in the pipeline are projects in California, Arizona, Texas,
Georgia, North Carolina, Colorado, Louisiana and Illinois. The projects
are competitively positioned in their respective markets and have
secured site options and interconnect queue positions, and are at
various stages of environmental screening and permitting.
"These U.S. assets are an excellent complement to our existing project
pipeline," said Tim Rebhorn, First Solar's Senior Vice President of
Business Development for the Americas. "The mix of projects in emerging
U.S. regions and an optimized pipeline in established markets will
better position First Solar to secure customer off-take agreements."
The portfolio also includes several Mexican projects located in the
State of Sonora that are in a position to take advantage of the emerging
utility scale PV market in Mexico.
"The Mexican project pipeline strategically positions First Solar for
our entry into the market," said Rebhorn. "We are excited by the
opportunity to explore new relationships with CFE and with commercial
and industrial customers and the Mexican government, and to establish a
strong initial presence in the region."
"It is a pleasure to announce the close of a second transaction with
First Solar," said Raimund Grube, President and COO of Element Power.
"This sale of projects from our portfolio demonstrates a relationship
that brings together the strengths of each company to add high quality
solar assets to the energy mix in the US and Mexico. As a key component
to delivering competitive renewable energy, we look forward to
maintaining strong relationships with companies like First Solar who
consistently demonstrate a lead position in the industry through
successful acquisition, development and construction of solar projects."
Key staff from Element will support a seamless transition of project
development activities to First Solar's project development team.
About Element Power
Element Power develops, acquires, builds and operates utility-scale
solar and wind power projects, creating clean, renewable sources of
energy to meet the increasing demand for green electricity and to
address the pressing challenges of global warming and energy security.
Element Power is owned by Hudson Clean Energy Partners, a leading global
private equity firm dedicated solely to investing in renewable power,
alternative fuels, and energy efficiency and storage. Learn more at www.elpower.com.
About First Solar
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.
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.
Source: First Solar, Inc.
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