First Solar Sells 139-Megawatt Campo Verde Solar Project
TEMPE, Ariz. -- April 23, 2013
First Solar, Inc. (Nasdaq: FSLR) today announced it has sold the
139-megawatt[AC] (MW) Campo Verde Solar Project to Southern Company subsidiary
Southern Power and Turner Renewable Energy. Under the terms of the agreement,
First Solar will complete construction of the project and will operate and
maintain the power plant for 10 years. Construction of the Campo Verde project
began in December 2012 and commercial operation is expected in fall 2013.
The Campo Verde project is located on a 1,443-acre site in Imperial County,
Calif. and is expected to generate enough clean electricity to power nearly
48,000 homes, displacing 80,000 metric tons of CO per year, the equivalent
of taking 15,000 cars off the road. San Diego Gas & Electric Company (SDG&E)
will purchase the project's output under a 20-year power purchase agreement.
According to an independent study conducted for Imperial County, the Campo
Verde Solar Facility will have an economic impact to the Imperial County,
Calif., area totaling about $239 million over the next 30 years. It is
expected to contribute $17.5 million in local tax revenue and employ an
average of 250 workers during construction.
Campo Verde is the second project First Solar has designed and constructed for
Southern Power and Turner Renewable Energy. In 2010, First Solar sold the 30
MW[AC] Cimarron I Solar Project, adjacent to Ted Turner’s Vermejo Park Ranch
in northern New Mexico, to the partnership.
“We are pleased that Southern Company and Turner Renewable Energy have once
again chosen a First Solar project to add to their renewable energy
portfolio,” said James F. Cook, First Solar director of Project Development.
“The Campo Verde project is another state-of-the-art design which seamlessly
integrates First Solar’s advanced thin-film solar modules with our leading
power plant controls and grid-integration technology. By leading the project
from development through engineering, construction and operations, we are able
to offer the highest performance and greatest reliability.”
“Southern Power and Turner Renewable Energy are continuing our successful
partnership with the acquisition of First Solar’s 139-MW Campo Verde Solar
Project,” said Oscar Harper, president and CEO of Southern Power. “First Solar
was the developer of our partnership’s first venture – the Cimarron Solar
Facility in New Mexico – and we’re pleased to expand our joint efforts through
our largest solar acquisition to date.”
Terms of the transaction were not disclosed. First Solar does not expect to
recognize revenue prior to commercial operation of the plant.
About First Solar
First Solar is a leading global provider of comprehensive photovoltaic (PV)
solar systems which use its advanced module and system technology. The
company’s integrated power plant solutions deliver an economically attractive
alternative to fossil-fuel electricity generation today. From raw material
sourcing through end-of-life module recycling, First Solar’s renewable energy
systems protect and enhance the environment. For more information about First
Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to
the safe harbor provisions of Section 21E of the Securities Exchange Act of
1934. The forward-looking statements in this release do not constitute
guarantees of future performance. Those statements involve a number of factors
that could cause actual results to differ materially, including risks
associated with the company's business involving the company's products, their
development and distribution, economic and competitive factors and the
company's key strategic relationships and other risks detailed in the
company's filings with the Securities and Exchange Commission. First Solar
assumes no obligation to update any forward-looking information contained in
this press release or with respect to the announcements described herein.
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