First Solar, Inc. (Nasdaq: FSLR) today announced it has sold the
139-megawattAC (MW) Campo Verde Solar Project to Southern
Company subsidiary Southern Power and Turner Renewable Energy. Under the
terms of the agreement, First Solar will complete construction of the
project and will operate and maintain the power plant for 10 years.
Construction of the Campo Verde project began in December 2012 and
commercial operation is expected in fall 2013.
The Campo Verde project is located on a 1,443-acre site in Imperial
County, Calif. and is expected to generate enough clean electricity to
power nearly 48,000 homes, displacing 80,000 metric tons of CO2
per year, the equivalent of taking 15,000 cars off the road. San Diego
Gas & Electric Company (SDG&E) will purchase the project's output under
a 20-year power purchase agreement. According to an independent study
conducted for Imperial County, the Campo Verde Solar Facility will have
an economic impact to the Imperial County, Calif., area totaling about
$239 million over the next 30 years. It is expected to contribute $17.5
million in local tax revenue and employ an average of 250 workers during
construction.
Campo Verde is the second project First Solar has designed and
constructed for Southern Power and Turner Renewable Energy. In 2010,
First Solar sold the 30 MWAC Cimarron I Solar Project,
adjacent to Ted Turner’s Vermejo Park Ranch in northern New Mexico, to
the partnership.
“We are pleased that Southern Company and Turner Renewable Energy have
once again chosen a First Solar project to add to their renewable energy
portfolio,” said James F. Cook, First Solar director of Project
Development. “The Campo Verde project is another state-of-the-art design
which seamlessly integrates First Solar’s advanced thin-film solar
modules with our leading power plant controls and grid-integration
technology. By leading the project from development through engineering,
construction and operations, we are able to offer the highest
performance and greatest reliability.”
“Southern Power and Turner Renewable Energy are continuing our
successful partnership with the acquisition of First Solar’s 139-MW
Campo Verde Solar Project,” said Oscar Harper, president and CEO of
Southern Power. “First Solar was the developer of our partnership’s
first venture – the Cimarron Solar Facility in New Mexico – and we’re
pleased to expand our joint efforts through our largest solar
acquisition to date.”
Terms of the transaction were not disclosed. First Solar does not expect
to recognize revenue prior to commercial operation of the plant.
About First Solar
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.
For First Solar Investors
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors and the company's key strategic relationships and
other risks detailed in the company's filings with the Securities and
Exchange Commission. First Solar assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
