Green Data Cabinets Feature Editorial

NextLight Renewable Power, LLC, a solar development firm formed by the inaugural fund of Energy Capital Partners, a private equity firm focused on investing in North America's energy infrastructure, has been acquired by First Solar.

Announcing the acquisition, First solar stated that is has the power purchase agreements for 2.2 gigawatts of utility-scale solar projects in North America.

First Solar began its expansion in the U.S. utility-scale power market with a series of acquisitions, which began in 2007, First solar acquired Turner Renewable energy and subsequently the solar project pipelines from OptiSolar in 2009 and Edison Mission Group in 2010. 

On NextLight's acquisition, NextLight's team of project developers and other staff joined First Solar. First Solar acquired NextLight in an all-cash transaction valued at approximately $297 million, subject to finalization of the estimated closing date adjustments.  

The first project developed by NextLight that is expected to be continued by First Solar is the 290 megawatt Agua Caliente Solar Project in Yuma County, Arizona.   

On June 3, the project's power purchase agreement with Pacific Gas and Electric Company was approved by the California Public Utilities Commission and the appeal period expired without challenge on July 7. Construction is expected to start this year.

First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today, and is focused on creating cost-effective, renewable energy solutions that protect and enhance the environment.

In a related news release, Solar module maker First Solar opened the largest photovoltaic solar power station in California, which the company plans to replicate in order to expand its utility business. It's one of a number of projects that First Solar is pursuing as it seeks to expand in the utility-scale solar business.