First Solar, Inc. (Nasdaq: FSLR) announced today that it has completed the sale of the 250-megawatt (MW)AC Silver State South Solar Project to a subsidiary of NextEra Energy Resources. Terms of the transaction were not disclosed.
Silver State South is located on approximately 3,000 acres of federally managed land in Clark County, Nevada. The project is adjacent to the 50MWAC Silver State North project, which was developed and built by First Solar and commissioned in 2012.
First Solar developed and designed the Silver State South project, and will provide Engineering, Procurement and Construction (EPC) services to NextEra. All the power from Silver State South will be sold to Southern California Edison under a long-term power purchase agreement.
"Silver State South demonstrates the deep value First Solar provides through our vertically integrated capabilities," said Tim Rebhorn, First Solar's Senior Vice President of Business Development for the Americas. "We have an unmatched ability to offer industry-leading module technology, best-in-class design and construction that includes single-axis tracker and proven balance of system components."
"We are pleased to have completed the acquisition of the Silver State South solar project," said NextEra Energy Resources Senior Vice President of Development Mike O'Sullivan. "This is another important milestone as we continue to build our solar business, and we look forward to working with the First Solar team to make this project a reality."
Pre-construction activity has begun at the site, and the project is expected to be complete in late 2016. At construction peak, the project will create approximately 500 local full-time jobs.