First Solar, the Tempe, Ariz. maker and installer of thin-film photovoltaic panels, has acquired utility-scale solar projects to be developed in California and across the U.S. Southwest from the Edison Mission Group (EMG), a unit of Edison International.
The EMG projects are set to generate as much as 150 megawatts and are not backed by any long-term power purchase agreements.
This latest acquisition beefs up First Solar’s power generation portfolio. Last year the company acquired project developer OptiSolar in an all stock transaction worth $400 million. First Solar’s existing portfolio of utility-scale PV solar projects is largely sited on public land and is mostly under contract with utilities.
In a statement, Lisa Bodensteiner, First Solar vice president of business development for North America, said:
Acquiring the EMG development pipeline extends First Solar’s leadership in the U.S. utility market. It builds on our strategy to cultivate robust and predictable module demand in utility-scale applications.
– More to come