Pending approval from the relevant governmental merger control authorities, the new venture will develop PV power projects, which are either independently acquired or developed by either of the two companies in Europe, North Africa, and projects of less than 20MW, in the US.

The joint venture agreement will see First Solar providing critical solar power equipment including thin-film modules, trackers and value-added services, and Belectric offering advanced balance of systems (BoS) and a range of service capabilities.

As part of the sub-20MW segment in the US, the non-exclusive agreement will include Belectric’s existing 280MWp pipeline in the country, along with other opportunities. The companies can independently and competitively develop projects.

First Solar CEO Jim Hughes said that the joint venture will enable them to deliver their individual project obligations with high standards.

"First Solar and Belectric share a long history of excellence and we are confident about the future of this initiative, which is based on a firm foundation of mutual trust, expertise and a track record that is unrivalled in the solar energy industry," added Hughes.