Thin-film photovoltaic panel maker First Solar has sold its 30 megawatts Cimarron I PV solar power project in northern New Mexico to a venture comprised of Southern Company, the Atlanta-based power company, and Turner Renewable Energy, Ted Turner’s newly formed renewable energy company.
First Solar and Southern Co. / Turner Renewable did not disclose financial terms — see here for the full press release.
The Cimarron I Solar Project is adjacent to the Vermejo Park Ranch in northern New Mexico. The facility is backed by a 25-year power purchase agreement with the Tri-State Generation and Transmission Association, a not-for-profit electricity wholesaler supplying 44 electric cooperatives in Colorado, Nebraska, New Mexico and Wyoming.
This is Turner Renewable’s first solar investment since announcing the partnership with Southern Co. last fall.
First Solar will continue to generate some revenue from Cimarron I via a 25-year operation and maintenance service contract with the facility.
Construction of the solar project will begin this month. The solar farm is expected to begin commercial operations by the end of the year.
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