US-based solar module manufacturer First Solar has acquired OptiSolar’s photovoltaic project pipeline. First Solar expects to construct the solar power plants developed under the pipeline over the next several years and sell them to a combination of regulated utilities, diversified energy companies and other independent power producers.
In addition, the core development team responsible for assembling and executing on the solar project pipeline has joined the First Solar development team.
According to the company it has acquired all of OptiSolar’s project development business in an all-stock transaction valued at approximately $400 million.
As a result of the closing, First Solar will issue approximately three million shares of common stock representing a dilution of about 3.5%. This is less than the approximate 5% dilution expected when the acquisition was announced, due to recent appreciation in the price of shares of the company’s common stock.
Earlier, in the first week of March 2009, First Solar announced that it has entered into an agreement to expand its penetration within the U.S. utility solar power market with the acquisition of OptiSolar’s solar project pipeline.
First Solar claims to manufacture solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) services that reduce solar electricity costs.
