The divested projects include the 154MW Sun Streams 1 project, 20MWAC Windhub A project and the 103MWAC Sunshine Valley project
US-based solar company First Solar announced that a partnership including EDP Renewables and ConnectGen has completed the acquisition of its three solar projects in the US.
First Solar said that the sale of the three projects, with a total capacity of 278MW, has been completed satisfying certain closing conditions it has announced earlier.
First Solar chief commercial officer Georges Antoun said: “We’ve proven, once again, that investors are focused on the winning formula: responsible development, attractive project economics, and long-term Power Purchase Agreements, underpinned by high-performance PV modules and a partner that stands behind its commitments.
“We thank EDP Renewables and ConnectGen for their trust and for recognizing the robustness of First Solar’s approach to project development in the United States.”
Details of the divested solar projects
The divested projects include the 154MW Sun Streams 1 project, the 20MWAC Windhub A project and the 103MWAC Sunshine Valley project.
The Sun Streams 1 project is located in Maricopa County, Arizona, while the Windhub A project is located in Kern County, California, and the Sunshine Valley project is located in Nye County, Nevada.
The three projects, which are powered by First Solar’s thin film module technology, are expected to be completed by the end of the fourth quarter of 2019. Once commissioned, First Solar Energy Services will operate the projects.
ConnectGen, a company of private equity capital provider Quantum Energy Partners, is engaged in developing renewable energy and energy storage projects across North America.
EDP Renewables is a Spanish renewable energy company that designs, develops, manages and operates power plants generating electricity using renewable energy sources.
EDP Renewables North America chief executive officer Miguel Prado said: “These projects reflect EDP Renewables’ focus on value creation, innovation, and sustainability.
“Combining responsible development with attractive economics backed by long-term Power Purchase Agreements, they are powered by one of the most innovative and eco-efficient solar technologies available today. We look forward to adding these projects to our growing portfolio in the United States.”