First Solar to acquire NextLight Power for $285M (Phoenix)
First Solar Inc. is buying NextLight Power LLC and its planned solar portfolio of more than 1 gigawatt in contracts and development projects. The deal is valued at $285 million.
Tempe-based First Solar (Nasdaq:FSLR) announced the purchase Wednesday, with a completion date targeted in the third quarter.
First Solar will get 570 megawatts of power purchase contracts NextLight has with Pacific Gas & Electric and NV Energy and another 530 megawatts of photovoltaic power projects still in development (Earth2Tech has a full list of pending projects). With the addition of just NextLight’s contracts, First Solar will have 2.2 gigawatts of power-purchase agreements for utility-scale projects.
NextLight has a 30-person development team, and First Solar said the acquisition will add about $12 million in annual operating expenses to its 2010 finances.
Read the full story in the Phoenix Business Journal.
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