First Solar to acquire NextLight for $245 million CNET
Solar-panel manufacturer First Solar announced Wednesday it has signed a definitive agreement to purchase solar-project developer NextLight Renewable Power for approximately $285 million.
Subject to acquisition closing adjustments, the deal is to be all-cash and completed in third quarter. NextLight has a total of 570 megawatts worth of solar projects under way, with an additional 530 megawatts in various development stages, according to First Solar.
But NextLight, which was formed by the private equity firm Energy Capital Partners in 2007, has been putting together utility-scale solar installation projects and has connections outside its obvious existing portfolio that could benefit a photovoltaic solar systems manufacturer like First Solar .
California utilities will be required to source a third of their power from renewable resources by 2020 . First Solar already has a relationship with Southern California Edison . Buying NextLight will give it a relationship with one of the largest energy utilities in not only California, but the entire U.S.
