First Solar Sells Canadian Solar Projects
NEW YORK (
) --
First Solar
(FSLR) - Get Report
has sold 40 megawatts of solar projects in Ontario, Canada to
NextEra Energy
(NEE) - Get Report
.
First Solar's Sombra and Moore Solar Energy Centers each consist of two 10 megawatt solar PV projects. First Solar will complete construction on the projects before NextEra Energy Canada takes ownership and operation of all four projects, according to a First Solar statement. The Ontario Power Authority is buying all of the electricity generated by the projects.
Construction on all four projects is expected to begin in the first quarter of 2011, with commercial operation expected by the end of the year.
The relationship with NextEra Energy is a new one for First Solar. First Solar has big ambitions in the North American project market, however, the total size of the four Ontario-based projects don't come anywhere near the size of a project like Agua Caliente, at 290 MW.
The Agua Caliente project is one which the Street has been watching closely, and some investors were disappointed when First Solar did not announce a buyer for Agua Caliente concurrent with its third quarter earnings.
>>First Solar: 4 Keys to the Earnings Selloff
Last week, SunPower announced a deal to sell its 250 MW Valley Solar Ranch project to NRG Energy, the largest solar power project sale to date.
First Solar's existing Sarnia project in Ontario has been the largest solar project in North America, with 80 MW completed.
First Solar shares were up slightly early on Monday morning.
-- Written by Eric Rosenbaum from New York.
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