First Solar, Inc. (Nasdaq: FSLR) today announced a power purchase agreement to supply Pacific Gas and Electric Company (NYSE: PCG) with renewable electricity from a 300-megawatts utility-scale photovoltaic solar power facility that the company is developing in Southern California.
The Desert Sunlight project, to be located near Desert Center in eastern Riverside County will have a total capacity of 550 megawatts, enough to power approximately 160,000 area homes–or about 480,000 residents. The other 250-MW portion of the project is already under contract to Southern California Edison. First Solar’s power purchase agreements with PG&E and SCE are subject to the approval of the California Public Utilities Commission.
First Solar will build the Desert Sunlight project using its thin-film photovoltaic solar modules and providing its project development, engineering, procurement and construction capabilities. With construction expected to start by the end of 2010 and completion as early as 2013, the project will displace 300,000 metric tons of CO2 per year, the equivalent of taking 60,000 cars off the road. It will also create approximately 430 solar jobs. The project’s permit application has been fast tracked by the Bureau of Land Management.
First Solar has 1,700 megawatts of utility-scale power projects with power purchase agreements in North America. The company recently released 4Q09 results showing increased revenue and a slight dip in profits.
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