First Solar Inc. has completed its acquisition of OptiSolar's photovoltaic project pipeline. First Solar says it expects to construct the solar power plants developed under this pipeline over the next several years and sell them to a combination of regulated utilities, diversified energy companies and other independent power producers.
In addition, core OptiSolar development employees responsible for assembling and executing on the solar project pipeline have joined the First Solar development team. First Solar acquired all of OptiSolar's project development business in an all-stock transaction valued at approximately $400 million.
As a result of this closing, First Solar will issue approximately 3 million shares of common stock representing a dilution of about 3.5%. This number is less than the approximate 5% dilution expected when the acquisition was announced, due to recent appreciation in the price of shares of the company's common stock, First Solar notes.
SOURCE: First Solar Inc.
