First Solar to Acquire NextLight Renewable Power

3 May 2010 (Last Updated May 3rd, 2010 18:30)

First Solar will acquire NextLight Renewable Power for $285m to strengthen its position in the US utility renewable power market. The acquisition includes a 1,100MW solar project pipeline comprising 570MW of power purchase agreements with western utilities and 530MW of additional photov

First Solar will acquire NextLight Renewable Power for $285m to strengthen its position in the US utility renewable power market.

The acquisition includes a 1,100MW solar project pipeline comprising 570MW of power purchase agreements with western utilities and 530MW of additional photovoltaic projects in various stages of development.

NextLight's projects range from 30MW to 290MW and will increase First Solar's photovoltaic project pipeline to 2,200MW.

The transaction is in line with the firm's expansion plan in the US following the acquisition of Edison Mission Group in 2010, OptiSolar in 2009 and Turner Renewable Energy in 2007.