First Solar Sells 139MW Campo Verde Solar Project

TEMPE, Ariz., April 23, 2013 – First Solar, Inc. (Nasdaq: FSLR) today announced it has sold the 139-
megawattAC (MW) Campo Verde Solar Project to Southern Company subsidiary Southern Power and
Turner Renewable Energy. Under the terms of the agreement, First Solar will complete construction
of the project and will operate and maintain the power plant for 10 years. Construction of the
Campo Verde project began in December 2012 and commercial operation is expected in fall 2013.
The Campo Verde project is located on a 1,443-acre site in Imperial County, Calif. and is expected to
generate enough clean electricity to power nearly 48,000 homes, displacing 80,000 metric tons of
CO2 per year, the equivalent of taking 15,000 cars off the road. San Diego Gas & Electric Company
(SDG&E) will purchase the project’s output under a 20-year power purchase agreement. According
to an independent study conducted for Imperial County, the Campo Verde Solar Facility will have an
economic impact to the Imperial County, Calif., area totaling about $239 million over the next 30
years. It is expected to contribute $17.5 million in local tax revenue and employ an average of 250
workers during construction.
Campo Verde is the second project First Solar has designed and constructed for Southern Power and
Turner Renewable Energy. In 2010, First Solar sold the 30 MWAC Cimarron I Solar Project, adjacent to
Ted Turner’s Vermejo Park Ranch in northern New Mexico, to the partnership.
“We are pleased that Southern Company and Turner Renewable Energy have once again chosen a
First Solar project to add to their renewable energy portfolio,” said James F. Cook, First Solar director
of Project Development. “The Campo Verde project is another state-of-the-art design which
seamlessly integrates First Solar’s advanced thin-film solar modules with our leading power plant
controls and grid-integration technology. By leading the project from development through
engineering, construction and operations, we are able to offer the highest performance and greatest
reliability.”
“Southern Power and Turner Renewable Energy are continuing our successful partnership with the
acquisition of First Solar’s 139-MW Campo Verde Solar Project,” said Oscar Harper, president and
CEO of Southern Power. “First Solar was the developer of our partnership’s first venture – the
Cimarron Solar Facility in New Mexico – and we’re pleased to expand our joint efforts through our
largest solar acquisition to date.”
Terms of the transaction were not disclosed. First Solar does not expect to recognize revenue prior
to commercial operation of the plant.

60

SHARES

Share on Facebook

Post on X

Follow us