The closing of the all-cash transaction valued at approximately $297m is subject to finalization of the estimated closing date adjustments.
Through this acquisition First Solar has secured power purchase agreements for 2.2GW of utility-scale solar projects in North America.
Pursuant to the NextLight acquisition, First Solar plans to start construction on the 290MW Agua Caliente Solar Project in Yuma County, Arizona, this year.
The California Public Utilities Commission has approved the project’s power purchase agreement with Pacific Gas and Electric Company.
The transaction is a part of First Solar’s strategy to expand in the US utility-scale power market. The company acquired Turner Renewable Energy in and purchased solar project pipelines from OptiSolar in 2009 and Edison Mission Group in 2010.
