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TheStreet Open House

First Solar Acquires 250MW Moapa Project In Nevada From K Road Power

Stocks in this article: FSLR

First Solar, Inc. (Nasdaq: FSLR) and K Road Power Holdings LLC announced today that First Solar has acquired from K Road the 250 megawatt (MW) AC photovoltaic Moapa Solar Project in Nevada.

The Moapa Solar Project, located on the Moapa River Indian Reservation in Clark County, northeast of Las Vegas, Nevada, is the first large-scale solar project approved to be built on tribal land in North America. The project is in an advanced stage of development, and has in place a 25-year Power Purchase Agreement (PPA) with the Los Angeles Department of Water and Power (LADWP).

Construction of the project, situated within a 2,000-acre segment of the Moapa Band of Paiutes tribal land, could start as soon as the fourth quarter of 2013, and be completed by the end of 2015. The project is expected to create up to 400 jobs during peak of construction, and approximately 10 permanent jobs when the power plant is in operation. First Solar will design and build the project, using its Cadmium Telluride (CdTe) thin film solar modules.

“First Solar is proud to participate in this landmark project on lands where it can benefit the economic development of the Moapa Paiute tribe and serve clean energy to the City of Los Angeles,” said Jim Hughes, First Solar’s Chief Executive Officer. “We’re excited to build on the foundation and hard work of K Road and so many key stakeholders to make this project a reality, establishing a significant source of clean, renewable energy for the region.”

“K Road is pleased to announce the launch of this pioneering project, and grateful for the stalwart support of our key partners and stakeholders, the Moapa Tribe, the federal and state agencies, and the IBEW. These folks have played an invaluable role in helping bring this novel project to the eve of construction,” said William Kriegel, K Road’s Chief Executive Officer. “First Solar’s deep experience and proven capabilities will ensure that the project is expeditiously completed to the highest standard, while carefully considering the interests of all stakeholders.”

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