Greentech Lead America: First Solar has acquired the 150-megawattAC (MW) Solar Gen 2 power project from an affiliate of The Goldman Sachs Group, Energy Power Partners and a third equity partner for the project.
The photovoltaic (PV) solar plant will generate enough electricity to power more than 60,000 average California homes, displacing more than 115,000 metric tons of CO2 per year (the equivalent of taking 22,000 cars off the road) and saving 93,000 metric tons of water per year.
Construction of the facility, which is located in Imperial County, Calif., near El Centro, is expected to start this year and be completed in 2014.
The company has signed a 25-year power purchase agreement with San Diego Gas & Electric Company (SDG&E). Solar Gen 2 is expected to provide on average more than 800 construction jobs in Imperial County, an area currently suffering from high unemployment.
The acquisition includes 40 MWDC of solar modules that the project previously purchased from another supplier, which will be integrated into the installation. First Solar will supply the balance of modules for the power plant, along with its project development, engineering, procurement and construction (EPC), and grid integration services.
Financial terms of the transaction were not disclosed.
First Solar on track under Jim Hughes, reports record net sales for the fourth quarter and for 2012
First Solar is one of few solar companies that have recorded increase in sales revenue for the fourth quarter of 2012. The company has reported record net sales of 1.1 billion for the fourth quarter, an increase of $236 million from the third quarter of 2012 and $415 million from the fourth quarter of 2011.