First Solar sells 50 MW of solar parks to GE-led tie-up

Aug 26, 2013 - US firm First Solar Inc (NASDAQ:FSLR) said Monday it had disposed of 50 MW of its Canadian solar parks to a unit of US conglomerate General Electric Co (NYSE:GE) and a partner.

The solar module maker did not disclose financial details.

The ABW partnership, the entity that acquired the photovoltaic (PV) installations, is owned by majority-holder GE Energy Financial Services and Canadian renewable energy firm Alterra Power Corp (TSE:AXY). The latter will be a managing partner for the projects with a 10% stake. The ABW partnership paid for the purchase through debt financing from The Manufacturers Life Insurance Co.

The 50 MW of solar assets in Ontario include the 10-MW Amherstburg, the 20-MW Belmont and the 20-MW Walpole plants. The facilities are already hooked to the power grid. Their output, estimated to be enough to supply about 6,300 local households, will be sold to the Ontario Power Authority under 20-year power purchase agreements.

First Solar will take care of the plants' operations and maintenance (O&M) under long-term contracts.

Earlier this month First Solar unveiled a solar technology collaboration agreement with General Electric and the acquisition of the US conglomerate's intellectual property related to the cadmium telluride (CdTe) solar technology.

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