First Solar Inc. has acquired the 150 MW Solar Gen 2 power project from an affiliate of The Goldman Sachs Group Inc., Energy Power Partners and an unnamed third equity partner for the project.
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 electrical output of the project will be purchased by San Diego Gas & Electric Company under a 25-year power purchase agreement.
Solar Gen 2 is expected to provide on average more than 800 construction jobs in Imperial County, an area currently suffering from high unemployment, First Solar notes.
Financial terms of the deal were not disclosed. The acquisition includes 40 MW 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 services, engineering, procurement and construction services, and grid integration services.