First Solar sells its two largest solar power plants
First Solar Inc. has sold its two largest solar power plants under development in California, a day after getting a final loan guarantee approval from the U.S. Department of Energy.
Tempe-based First Solar (Nasdaq: FSLR) sold the 550-megawatt Desert Sunlight solar farm to NextEra Energy Inc. (NYSE: NEE) and GE Financial Services, which will split the ownership. The company also sold its 230-megawatt Antelope Valley Solar Ranch One to Exelon Corp. (NYSE: EXC)
Financial terms for the deals were not disclosed.
The company announced the sales after securing $1.46 billion in federal loan guarantees for Desert Sunlight and $646 million for Antelope Valley.
The sales are the continuation of a trend of First Solar starting construction for the projects and lining up financing while selling the projects off to other companies.
In both cases, First Solar will continue to build the plants and provide maintenance for them under separate contracts.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.