First Solar, Inc. (NasdaqGM:FSLR) announced that it has acquired Turner Renewable Energy, LLC for approximately $34.3 million.
The company, paid for in a combination of First Solar common stock and cash. will operate as a wholly owned subsidiary of First Solar, Inc. under the name First Solar Electric, LLC.
Turner Renewable Energy, LLC has operated under the name DT Solar, a Turner Renewable Energy Company, since January 2007 when entrepreneur and philanthropist Ted Turner invested in the company.
DT Solar has designed and deployed commercial solar projects for utilities and Fortune 500 companies in the U.S. since 2004. The acquisition brings to First Solar a team of people experienced in the development of independent power projects, marketing of energy, and operation of commercial power plants in the United States.
About First Solar
First Solar, Inc. manufactures solar modules with an advanced thin film semiconductor process. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions and peak time grid constraints.
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