First Solar Inc. (Nasdaq: FSLR) has acquired the Solar Gen 2 power project, a 150 MW project located in Imperial County, Calif. Construction for the project is expected to start this year and finish in 2014.
San Diego Gas & Electric Co. will buy the power generated by the project under a 25-year power purchase agreement, according to a statement from First Solar. The acquisition also includes 40 MW of solar modules previously purchased from another supplier, which will be integrated into the installation.
First Solar will supply the balance of modules for the power plant, along with its project development; engineering, procurement and construction; and grid integration services.
The company purchased the facility from an affiliate of The Goldman Sachs Group Inc., Energy Power Partners and a third equity partner for the project. Financial terms of the acquisition were not disclosed by the companies.
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