First Solar Acquires 50 MWAC Macho Springs Project from Element Power Solar
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) and Element Power Solar today announced
that First Solar has acquired the 50-megawattAC (MW) Macho
Springs Solar project that Element Power Solar has developed in Luna
County, N.M. When complete, it will be the state's largest solar power
The photovoltaic (PV) solar project is expected to be completed in 2014,
providing up to 400 construction jobs, and producing enough clean,
renewable energy to power over 18,000 homes while displacing 40,000 tons
of CO2 per year—the equivalent of taking 8,000 cars off the
road. Terms of the transaction were not disclosed.
The Macho Springs Solar project is located on land leased from the New
Mexico State Land Office, and electricity from the facility will be
purchased by El Paso Electric (NYSE: EE) under a power purchase
agreement that is subject to regulatory approvals, expected in the first
half of 2013.
"We're very excited to continue our work in New Mexico, increasing the
state's utility-scale solar generation capacity," said Dana Diller,
First Solar Vice President of U.S. Business Development.
"Element Power is pleased to once again work with the State of New
Mexico, Luna County, the town of Deming and El Paso Electric to bring
renewable energy and economic development to the region. The sale of
Macho Springs Solar to First Solar is the result of a strong working
relationship that draws on each company's strengths," said Raimund
Grube, COO of Element Power.
"We look forward to working with First Solar on this very important
renewable energy project that will benefit all El Paso Electric
customers," said Tom Shockley, El Paso Electric Chief Executive Officer.
"We also want to thank Element Power Solar for its dedication and
commitment to bringing this project to fruition."
The Macho Springs project was the result of a Request for Proposal (RFP)
by El Paso Electric to include additional electric peaking resources in
its current energy mix.
First Solar will construct the Macho Springs facility using its advanced
thin-film PV modules. First Solar PV systems have the smallest carbon
footprint and shortest energy payback time of any PV technology on the
First Solar completed New Mexico's 30 MW Cimarron Solar facility in
2011, which is owned by Southern Company and Turner Renewable Energy.
First Solar also completed 22 MW of solar projects in the state for PNM
Resources, Inc. in 2011 and has been selected to build another 21.5 MW
for PNM for expected completion in late 2013.
About First Solar, Inc.
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 collection and
recycling, First Solar's renewable energy systems protect and enhance
the environment. For more information about First Solar, please visit www.firstsolar.com.
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.
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
+1 415 935-2499
+1 602 414-9315
+1 602 414-9315
Director of Development
Source: First Solar, Inc.
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