03 Oct '11, 4pm

First Solar Sells Massive Solar Projects to Utilities

Massive 550 MW Project Sold First Solar (Nasdaq: FSLR) got a $1.46 billion partial loan guarantee for the Desert Sunlight Project, a 550 MW project that's expected to be one of the world's largest solar PV plants. Located on 3800 acres of public land in eastern Riverside County, California, its 8.8 million cadmium telluride thin film modules will provide electricity for over 160,000 homes. It's being built in two phases. Phase I will generate 300 MW which will be sold to Pacific Gas & Electric, and Phase II will generate 250 MW, which will be sold to Southern California Edison. The $1.46 billion in loans that are partially guaranteed by DOE will be funded by a group of investors led by lead lenders Goldman Sachs and Citigroup. Within hours of DOE's commitment, First Solar announced it would sell the project to NextEra Energy Resources (NYSE: NEE) and GE Energy Financial Se...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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