First Solar creates utility business (Phoenix)
First Solar Inc. is creating a business group to deal with its utility-scale solar power plants.
The group, announced Thursday, will be headed by Jens Meyerhoff, who has been First Solar’s chief financial officer since 2006.
The move is necessitated by Tempe-based First Solar’s (Nasdaq:FSLR) the growth of its business providing panels for large-scale arrays, officials said. The company has agreements with utilities that will purchase 2.2 gigawatts of solar.
“With the pending completion of First Solar’s acquisition of NextLight, this part of our global business represents the next leg of growth for our industry and First Solar,” said Rob Gillette, First Solar CEO, in a statement.
First Solar significantly expanded its power portfolio in April when it agreed to buy NextLight Power LLC for $285 million. The deal came with 570 megawatts contracts with Pacific Gas & Electric and NV Energy along with another 530 megawatts of developmental projects.
Read the full post in the Phoenix Business Journal.
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