Solar energy project sold to NextEra, GE business unit

First Solar Inc. (Nasdaq: FSLR) completed the sale of the 550 MW alternate current (AC) Desert Sunlight Solar Farm in California to NextEra Energy Resources LLC (NYSE: NEE) and GE Energy Financial Services. Financial terms of the deal were not disclosed.

NextEra and GEFS acquired a 50 percent interest each in the Desert Sunlight project. A unit of NextEra will manage the project. The U.S. Department of Energy finalized a $1.46 billion loan guarantee for Desert Sunlight on Sept. 29.

First Solar will continue to build, operate and maintain the project under separate agreements with both companies. The project will use the company’s advanced thin-film photovoltaic (PV) modules from First Solar’s factory under construction in Arizona.

Construction on the project is expected to begin in October and be completed in early 2015. Southern California Edison signed a power purchase agreement for 250 MW of output from the plant and Pacific Gas & Electric (NYSE: PCG) will purchase the remainder of the output.

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