First Solar, Inc. (Nasdaq: FSLR) announced today that it has completed the sale of the 250-megawatt (MW) AC Silver State South Solar Project to a subsidiary of NextEra Energy Resources. Terms of the transaction were not disclosed.
Silver State South is located on approximately 3,000 acres of federally managed land in Clark County, Nevada. 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 developed and designed the Silver State South project, and will provide Engineering, Procurement and Construction (EPC) services to NextEra. All the power from Silver State South will be sold to Southern California Edison under a long-term power purchase agreement.
“Silver State South demonstrates the deep value First Solar provides through our vertically integrated capabilities,” said Tim Rebhorn, First Solar’s Senior Vice President of Business Development for the Americas. “We have an unmatched ability to offer industry-leading module technology, best-in-class design and construction that includes single-axis tracker and proven balance of system components.”“We are pleased to have completed the acquisition of the Silver State South solar project,” said NextEra Energy Resources Senior Vice President of Development Mike O’Sullivan. “This is another important milestone as we continue to build our solar business, and we look forward to working with the First Solar team to make this project a reality.” Pre-construction activity has begun at the site, and the project is expected to be complete in late 2016. At construction peak, the project will create approximately 500 local full-time jobs. 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 approximately 18,300 megawatts of generating capacity primarily in 24 states and Canada as of year-end 2013. NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. The business also 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 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. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. 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, 2013, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.