MidAmerican Energy Holdings Co. has entered into definitive agreements to acquire the Topaz Solar Farm from First Solar Inc. The 550 MW photovoltaic power plant, which is currently being built in San Luis Obispo County, Calif., is one of the two largest PV projects in the world, according to First Solar.
First Solar has agreed to construct, operate and maintain the Topaz project for MidAmerican. Construction began in November and is expected to be complete by early 2015. The project will create approximately 400 construction jobs and 15 ongoing operations and maintenance jobs, First Solar adds.
The closing of MidAmerican's acquisition of Topaz is contingent on the satisfaction of certain closing conditions specified in the acquisition agreement, including certain required actions with respect to the project's permits and electrical interconnection arrangements. The project sale is not contingent on MidAmerican's obtaining debt financing.
Pacific Gas and Electric Co. will purchase the electricity from Topaz under a 25-year power purchase agreement.