First Solar Inc. has entered into an agreement to acquire the solar project pipeline of OptiSolar. The acquisition includes a 550 MW AC solar development project under a power purchase agreement with PG&E, a project pipeline of additional 1,300 MW AC that 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, OptiSolar's core development team responsible for assembling and executing on the solar project pipeline will join the First Solar development team. First Solar 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.
First Solar adds that its investment in the development pipeline and planned projects ensures that at least 400 new green-collar jobs will be created in California. First Solar is committed to supporting the planned projects and will use its resources to bring these projects online on time. Project development is planned to begin as early as 2010.
SOURCE: First Solar Inc.