First Solar (FSLR) Sells 30MW Solar Plant To Southern Company (SO) & Turner Renewable

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08:03:15 am on March 15, 2010

First Solar (FSLR) has found a buyer for its Cimarron I Solar Project out in Northern Mexico and they didn’t have to look far.  It has announced this morning that Southern Company (SO) and Turner Renewable has purchased the 30MW solar plant which is expected to supply power to around 9000 homes beginning sometime this year.  Turner Renewable was previously owned by Ted Turner and was purchased by First Solar in late 2007.  Southern Company has been working with Ted Turner for some time to develop renewable energy properties in North America where Ted Turner is the largest individual land owner in the world.

First Solar is developing the project with construction to begin this month and will provide operation and maintenance services under a 25 year contract.  The electricity generated will serve a 25 year power purchase agreement with the Tri-State Generation and Transmission Association which is a not for profit wholesaler supplier to 44 electric cooperatives covering customers across New Mexico, Colorado, Nebraska and Wyoming.

Financial terms of the deal have not been disclosed.

First Solar isn’t moving much premarket, but over the past couple weeks it’s quietly pushed off support around the 100 level to 115 and back into what will be a resistance area around the 50 day moving average.

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