First Solar Inc. (Nasdaq:FSLR) will acquire San Francisco-based NextLight Renewable Power–a solar power developer focused on the southwestern US–according to a joint announcement by the two companies.
The all-cash transaction of approximately $285 million is expected to close in 3Q10,
pending the satisfaction of certain closing conditions specified in the
merger agreement.
The acquisition includes a 1,100 megawatt (MW) solar project pipeline, further solidifying First Solar’s position as a leader in the U.S. utility renewable power market.
The acquisition of NextLight includes:
- 570MW (AC) under signed power purchase agreements with western utilities, increasing First Solar’s contracted photovoltaic (PV) solar project pipeline to 2,200MW
- 530MW (AC) of additional PV projects in various stages of development
- NextLight’s projects, ranging in size from 30MW to 290MW, expand the scope and diversity of First Solar’s pipeline. The projects are largely located on private land.
The transaction represents another strategic step in First Solar’s expansion in the U.S. utility-scale power market, which began in 2007 with the acquisition of Turner Renewable Energy and continued with the acquisitions of solar project pipelines from OptiSolar in 2009 and Edison Mission Group in 2010.
First Solar CEO Rob Gillette forged the strategy of comprehensive solar offerings–from manufacturing to project development–that is now being emulated by competitors like Sunpower (Nasdaq: SPWRA) and MEMC (NYSE: WFR).
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