First Solar sells 50-MW solar farm to Southern Power, Turner
May 23, 2014 - US photovoltaic (PV) systems supplier First Solar Inc (NASDAQ:FSLR) said today it had sold the 50-MW Macho Springs solar park in New Mexico to Southern Power and Turner Renewable Energy.
The value of the transaction was not given.
First Solar begun construction of the Macho Springs solar power plant in July 2013. The facility, which is expected to start commercial operations this week, will be able to produce enough electricity to power over 18,000 households. It has a 20-year power purchase agreement (PPA) in place with El Paso Electric (NYSE:EE). The vendor will be responsible for operating and maintaining the plant.
Southern Power is a unit of Southern Co (NYSE:SO), while Turner Renewable Energy is owned by media mogul Ted Turner. The pair has already bought the 139-MW Campo Verde solar farm in California and the 30-MW Cimarron solar facility in New Mexico from First Solar. As a result of the latest purchase, the partnership’s total solar capacity will exceed 290 MW.