First Solar (FSLR) Expands Utility Scale Exposure With NextLight Purchase

First Solar (FSLR) has announced that it’s entered into a definitive agreement to purchase NextLight Renewable Power which expands its utility scale solar presence in the southwest, by adding a 1100MW solar power project pipeline.  570MW of that is under signed purchase power agreements which bring FSLR’s contracted solar power pipeline to 2200MW while 530MW is in various stages of development.  The $285 million all cash deal is expected to be completed in the 3rd quarter this year.  FSLR entered the utility scale solar market in 2007 with a purchased of Ted Turner’s Turner Renewable Energy, continued with OptiSolar last year and now Edison Mission and NextLight this year.

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“The combination of NextLight and First Solar brings best-in-class power development experience and discipline to the emerging utility-scale solar industry. We look forward to joining the First Solar organization and leveraging their expertise to deliver high-quality solar generation to our customers,” said Frank De Rosa, NextLight chief executive officer.

Shares of FSLR are fractionally higher this morning.

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