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First Solar Sells 30MW Solar Project

TEMPE, Ariz. ( TheStreet) -- First Solar (FSLR - Get Report) sold a 30-megawatt photovoltaic solar power project to Southern (SO - Get Report) and Turner Renewable Energy, which is owned by investor Ted Turner.

Financial terms of the transaction weren't disclosed in a press release issued Monday.

The Cimarron I Solar Project is adjacent to the Vermejo Park Ranch in northern New Mexico. First Solar developed the project and is providing engineering, procurement and construction services. It will maintain the plant under a 25-year contract.

The plant will supply power to about 9,000 homes, First Solar said.

Construction of the solar project will begin this month, with completion and commercial operation expected by the end of the year.

-- Reported by Joseph Woelfel in New York.

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