CIG: NASDAQ listed First Solar takes the lead in U.S. with planned $285 million acquisition.

May 3, 2010 - PRLog -- U.S. solar developer First Solar has moved closer to becoming the North American leader in the rapidly growing U.S. solar market, CIG sources report, after the firm recently announced that it has agreed to buy arch rival solar farm developer NextLight Renewable Power for about $825 Million in an all cash deal.

First Solar, who specialize in thin film solar panels said that the deal, which is expected to be finalized by September subject to regulatory approval, will give it access to a 1,100MW project pipeline in the U.S. south west and will cement its position as the largest solar utility operator in North America.

Under the deal, First Solar will receive control of 570MW worth of NextLight projects for which there are already-standing power purchase agreements, CIG has learned, including a number of deals with California’s Pacific Gas and Electric, as well as another 530MW of NextLight projects in various states of development.

"Success in today's competitive solar market requires a complete solution for our customers' renewable energy needs," CIG believes First Solar’s CEO Rob Gillette was recently quoted as saying. "First Solar is uniquely positioned to deliver utility-scale solar power plants, including project development, module manufacturing, engineering, procurement and construction, project finance expertise and operations and maintenance."

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