First Solar acquires 150 MW solar power project

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.

Read more solar energy news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...