First Solar, Inc. (Nasdaq: FSLR) announced today that it has agreed to sell the 250-megawatt (MW) AC Silver State South Solar Project to a subsidiary of NextEra Energy Resources.
The deal is expected to close early in 2014, subject to certain conditions precedent. Terms of the transaction were not disclosed.
Silver State South is located on approximately 3,000 acres of public land in Clark County, Nev. The project is adjacent to the 50MW AC Silver State North project, which was developed and built by First Solar and commissioned in 2012.
First Solar will continue to develop and permit Silver State South, and provide Engineering, Procurement and Construction (EPC) services for the project. Construction is expected to begin once final regulatory and permitting approvals have been received, and be completed in late 2016. At peak activity, the project will create up to 300 full-time construction jobs.Silver State South will utilize First Solar’s photovoltaic thin film solar modules, installed on the company’s single-axis tracker mounting system. All the power from Silver State South will be sold to Southern California Edison under a long-term power purchase agreement. “First Solar is committed to bringing Silver State South to life as part of our growing Nevada solar power portfolio,” said Tim Rebhorn, First Solar’s Senior Vice President of Business Development for the Americas. “Together, NextEra and First Solar are playing a key role in creating more jobs in Nevada and delivering clean, affordable solar energy.” “The acquisition of Silver State South is another important milestone as we continue to build our solar business,” said NextEra Energy Resources Senior Vice President of Development Mike O’Sullivan. “We look forward to working with the First Solar team to make this project a reality.” Earlier this month, NextEra Energy Resources named First Solar as the EPC contractor for its 250MW AC McCoy Solar Energy Project in Riverside County, Calif. About First Solar, Inc. First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com. About NextEra Energy Resources NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources") is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with over 18,100 megawatts of generating capacity in 24 states and Canada as of year-end 2012. NextEra Energy Resources, together with its affiliated entities, is the largest generator in North America of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com. For First Solar Investors This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems (“BoS”) cost reduction roadmaps, restructuring, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct photovoltaic (“PV”) solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. 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These factors include, but are not limited to, the matters discussed in Item 1A: “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2012, as updated and supplemented by risk factors included in our Prospectus dated June 12, 2013 filed with the SEC pursuant to Rule 424(b)(5) (the “Prospectus”), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.