First Solar Buys NextLight for $297 Million

July 16th, 2010 by Zachary Shahan

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Solar energy giant First Solar closed a major deal to acquire NextLight Renewable Power, LLC for $297 million this week.

This acquisition gives First Solar access to a 1,100MW solar project pipeline in the southwestern US and gives it control of other NextLight projects with already signed power purchase agreements totalling 570MW.

First Solar is becoming a giant in this field. It is the largest solar developer in the US and now has “power purchase agreements for 2.2GW of utility-scale solar projects in North America,” Business Green reports.

NextLight’s project developers and staff will now join the First Solar team and will start work later in the year on a 290MW Agua Caliente Solar Project in Yuma County, Arizona that NextLight planned.

First Solar has acquired several companies in the last few years and First Solar chief executive Rob Gillette says that they are looking to dominate the fast-expanding market for utility-scale solar projects in the US.

“Success in today’s competitive solar market requires a complete solution for our customers’ renewable energy needs,” Gillette says. “First Solar is uniquely positioned to deliver utility-scale solar power plants, including project development, module manufacturing, engineering, procurement and construction, project finance expertise and operations and maintenance.”

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Photo Credit: AMagill via flickr









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