The acquisition of NextLight includes: 570MW (AC) under signed power purchase agreements with western utilities and 530MW (AC) of additional PV projects in various stages of development.
Rob Gillette, CEO of First Solar, said: “NextLight has assembled a project pipeline that very much complements First Solar’s project portfolio. We are looking forward to having the highly experienced NextLight team join First Solar.
“First Solar is uniquely positioned to deliver utility scale solar power plants including project development, module manufacturing, engineering, procurement and construction (EPC), project finance expertise and operations and maintenance.”
Frank Rosa, CEO of NextLight, said: “The combination of NextLight and First Solar brings best-in-class power development experience and discipline to the emerging utility-scale solar industry. We look forward to joining the First Solar organization and leveraging their expertise to deliver high-quality solar generation to our customers.”
First Solar will acquire NextLight in an all-cash transaction that is expected to be completed in the third quarter of 2010. Total consideration for the transaction is approximately $285m, subject to certain closing adjustments as provided in the merger agreement.
