First Solar Inc. has acquired a pipeline of U.S. and Mexico development assets from Element Power. The 1.5 GW pipeline includes geographically diverse projects in various stages of development. Terms of the deal were not disclosed.
Included in the pipeline are U.S. projects in California, Arizona, Texas, Georgia, North Carolina, Colorado, Louisiana and Illinois. First Solar says the projects are competitively positioned in their respective markets and have secured site options and interconnect queue positions, and are at various stages of environmental screening and permitting.
‘The mix of projects in emerging U.S. regions and an optimized pipeline in established markets will better position First Solar to secure customer off-take agreements,’ says Tim Rebhorn, First Solar senior vice president of business development for the Americas.
The portfolio also includes several Mexican projects located in the state of Sonora.
‘We are excited by the opportunity to explore new relationships with [state-owned electric utility] CFE and with commercial and industrial customers and the Mexican government, and to establish a strong initial presence in the region,’ Rebhorn says.
First Solar says key staff from Element will support project development transition between the companies.