The deal was signed in January this year, as part of which Leeward agreed to acquire the US platform that includes the Rabbitbrush, Madison, Oak Trail, Horizon, and Ridgely projects, upon completion of the deal.
Construction works for the projects with 773MWAC capacity are expected to begin in the next two years. The platform also includes the 30MW Barilla Solar Project, which is currently operational.
As per the agreement, First Solar will retain 1.1GWAC of projects in the US which will be divested in a separate transaction by the company.
Leeward agreed to purchase 650MWDC of First Solar’s high-performance Series 6 photovoltaic (PV) solar modules for its other development opportunities.
Additionally, the company’s project platform includes purchase orders for 888MWDC of Series 6 modules for the projects.
It will also include 242MWDC of Series 4 modules safe-harboured under the solar Investment Tax Credit (ITC) programme of which 148 MWDC was booked earlier.
Leeward Renewable Energy CEO Jason Allen said: “The acquisition of this development platform from First Solar gives Leeward an advanced solar pipeline that accelerates our growth as we continue to meet the needs of our customers.
“We are pleased to welcome the First Solar development team to the Leeward family as we embark on this next chapter with a shared commitment to build sustainable solutions for clean, renewable energy.”
The deal expands Leeward’s solar development portfolio which now reaches 14GW.
Additionally, it expands the company’s geographic footprint across the southeast and southwest of the US. Each GW will generate enough clean energy to power the equivalent of 230,000 homes.
With the completion of the deal, 50 First Solar development team members joined Leeward thereby expanding the latter’s total workforce to nearly 200.