First Solar Sells Canadian Solar Plants

By Phoenix Business Journal

First Solar Inc. is selling three solar power plants planned for Ontario to Plutonic Power Corp. with help from GE Energy Financial Services.

The deal, announced Wednesday, calls for the sale of developing solar photovoltaic power plnats in Amherstburg, Belmont and Walpole totaling 50 megawatts to be sold.

Tempe-based First Solar (Nasdaq: FSLR) will continue developing the plants. Plutonic will invest about $6 million into the plants. Financial details of how much GE Energy, a division of GE (NYSE: GE), would invest were not released, but the investment could be substantial.

Solar power plants range from $5 million to $8 million per megawatt, although First Solar has pushed to be among the lowest cost developers globally. Plutonic will serve as the projects' managing partner.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/phoenix/news/2011/01/05/first-solar-sells-canadian-solar-plants.html?ana=thestreet

Copyright bizjournals.com 2010

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