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First Solar acquires utility scale PV pipeline

First Solar Inc is acquiring OptiSolar’s solar project pipeline, “significantly expanding” its penetration within the US utility solar power market in a deal worth around US$400 million.

The acquisition includes a 550 MW AC solar development project under a power purchase agreement with PG&E; a project pipeline of additional 1.3 GW AC which are in negotiation with Western region utilities for solar development projects; and strategic land rights of approximately 136,000 acres with the potential to deploy up to 19 GW AC of utility-scale solar power projects.

In addition, the core development team responsible for assembling and executing on the solar project pipeline will join the First Solar development team.

First Solar says it expects to construct solar power plants developed under the acquired solar power project pipeline over the next several years and sell them to a combination of regulated utilities, diversified energy companies and other independent power producers.

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Photovoltaics (PV)  •  Solar electricity