While First Solar continues to expand its project pipeline through acquisition, it has also continued to agree to sales for its projects currently under development. The latest, the Campo Verde Solar Project in Imperial Country California will be sold on completion in the latter stages of this year.
The sale will further strengthen the companies balance sheet. It has had a strong run of late, particularly in the financial markets, with strong earnings projections indicating that the development of its downstream business is paying dividends. Its ability to execute projects and find buyers also appears to be impressive.
The Campo Verde power plant began construction in December 2012.
The project has been sold to Southern Power, which is a subsidiary of Southern Company, and Turner Renewable Energy. The two firms already own and operate a 30 MW First Solar power plant, the Cimarron 1 Solar Project, which is adjacent to Ted Turners New Mexico Ranch.
The Campo Verde plant will operate under a 20 year PPA, which will supply San Diego Gas & Electric.
"We are pleased that Southern Company and Turner Renewable Energy have once again chosen a First Solar project to add to their renewable energy portfolio," said James F. Cook, First Solar director of Project Development, in a statement announcing the sale agreement.
Oscar Harper, president and CEO of Southern Power added: "First Solar was the developer of our partnership’s first venture the Cimarron Solar Facility in New Mexico and we’re pleased to expand our joint efforts through our largest solar acquisition to date."
Terms of the transaction were not disclosed.