First Solar to acquire NextLight Renewable Power

Tempe, Ariz., April 28, 2010 — First Solar and NextLight Renewable Power entered into a definitive agreement for First Solar to acquire NextLight, a developer of utility-scale solar projects in the southwestern U.S.

The acquisition includes a 1,100 MW solar energy project pipeline.

The acquisition of NextLight includes:

* 570 MW (AC) under signed power purchase agreements with western utilities, increasing First Solar’s contracted photovoltaic (PV) solar project pipeline to 2,200 MW

* 530 MW (AC) of additional PV projects in various stages of development

NextLight’s projects, ranging in size from 30 MW to 290 MW, expand the scope and diversity of First Solar’s pipeline. The projects are largely located on private land.

The transaction represents another strategic step in First Solar’s expansion in the U.S. utility-scale power market, which began in 2007 with the acquisition of Turner Renewable Energy and continued with the acquisitions of solar project pipelines from OptiSolar in 2009 and Edison Mission Group in 2010.

“Success in today’s competitive solar market requires a complete solution for our customers’ renewable energy needs,” said Gillette. “First Solar is uniquely positioned to deliver utility scale solar power plants including project development, module manufacturing, engineering, procurement and construction, project finance expertise and operations and maintenance.”

First Solar will acquire NextLight in an all-cash transaction that is slated for completion in the third quarter of 2010, pending the satisfaction of certain closing conditions specified in the merger agreement.

Total consideration for the transaction is about $285 million, subject to certain closing adjustments as provided in the merger agreement.

First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) system solutions.

The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating cost-effective, renewable energy solutions that protect and enhance the environment.

Headquartered in San Francisco, California, NextLight Renewable Power is an independent solar power development company with photovoltaic projects totaling 1,100 MW in various stages of development including 570 MW under contract with major Western utilities. NextLight was formed in 2007 to respond to the growing demand for clean, carbon-free, utility-scale renewable energy.

 

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