First Solar Inc of Tempe, AZ, USA, which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services, has acquired a pipeline of US and Mexico development assets from Element Power. Owned by global private equity firm Hudson Clean Energy Partners (which invests in renewable power, alternative fuels, and energy efficiency and storage), Element Power develops, acquires, builds and operates utility-scale solar and wind power projects. The 1.5GW pipeline includes geographically diverse projects in various stages of development. Terms of the deal were not disclosed.
Included in the pipeline are projects in California, Arizona, Texas, Georgia, North Carolina, Colorado, Louisiana and Illinois. First Solar says that the projects are competitively positioned in their respective markets and have secured site options and interconnect queue positions, and are at various stages of environmental screening and permitting.
"These US assets are an excellent complement to our existing project pipeline," says Tim Rebhorn, First Solar's senior VP of business development for the Americas. "The mix of projects in emerging US regions and an optimized pipeline in established markets will better position First Solar to secure customer off-take agreements."
The portfolio also includes several Mexican projects located in the State of Sonora that are in a position to take advantage of the emerging utility-scale PV market in Mexico.
"The Mexican project pipeline strategically positions First Solar for our entry into the market," says Rebhorn. "We are excited by the opportunity to explore new relationships with CFE [the state-owned electric utility company] and with commercial and industrial customers and the Mexican government, and to establish a strong initial presence in the region," he adds.
"This sale of projects from our portfolio demonstrates a relationship that brings together the strengths of each company to add high-quality solar assets to the energy mix in the US and Mexico," says Element Power's president & chief operating officer Raimund Grube. "As a key component to delivering competitive renewable energy, we look forward to maintaining strong relationships with companies like First Solar who consistently demonstrate a lead position in the industry through successful acquisition, development and construction of solar projects."
Key staff from Element will support the transition of project development activities to First Solar's project development team.
