TEMPE, Ariz., Jan 14, 2010 (BUSINESS WIRE) -- First Solar Inc. (Nasdaq: FSLR), one of the world's largest solar module
manufacturers and utility systems providers, has completed the
acquisition of a portion of Edison Mission Group's (EMG) solar project
development pipeline. The utility-scale solar projects are located in
California and the Southwest.
"Acquiring the EMG development pipeline extends First Solar's leadership
in the U.S. utility market," said Lisa Bodensteiner, First Solar vice
president of business development for North America. "It builds on our
strategy to cultivate robust and predictable module demand in
utility-scale applications."
The acquisition complements and diversifies First Solar's existing
portfolio of utility-scale thin film photovoltaic solar projects. First
Solar's existing projects are largely sited on public land, range to 550
megawatts (MW) in size, and are mostly under contract with utilities.
The EMG projects that First Solar is acquiring are sited largely on
private land, range from 20 to 150MW, and are not yet contracted with
utilities.
First Solar and EMG have worked together since 2008 on the EMG projects,
with First Solar providing engineering, procurement and construction
services while EMG was responsible for land acquisition and permitting.
Now First Solar will handle all development for these projects,
including permitting.
"First Solar is a good partner and the obvious purchaser of our interest
in these projects which we have jointly developed," said Gerry Loughman,
senior vice president of Development for EMG.
Anticipated module demand for EMG projects was included in advanced
pipeline information provided to First Solar investors in December 2009.
Financial terms of the transaction were not disclosed.
First Solar recently completed development and construction of its first
California utility-scale solar power plant in December 2009, the 21MW AC
Blythe project that was sold to NRG Energy and supplies electricity to
Southern California Edison.
About First Solar
First Solar manufactures solar modules with an advanced semiconductor
technology and provides comprehensive photovoltaic (PV) system
solutions. By continually driving down manufacturing costs, First Solar
is delivering an economically viable alternative to fossil-fuel
generation today. From raw material sourcing through end-of-life
collection and recycling, First Solar is focused on creating
cost-effective, renewable energy solutions that 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.
First Solar Inc.
Media
United States:
Alan Bernheimer
602-414-9361
media@firstsolar.com
or
Europe:
Brandon Mitchener
+49-6131-1443-399
media@firstsolar.com
or
Investors:
Larry Polizzotto
Vice President, Investor Relations
602-414-9315
investor@firstsolar.com