First Solar To Buy NextLight Renewable

First Solar Inc. (FSLR) said it will buy NextLight Renewable Power LLC for about $285 million, adding to its project pipeline and bolstering its position in the U.S. utility-scale renewable power market.

NextLight develops utility-scale solar projects in the southwestern U.S. With the purchase, the maker of low-cost photovoltaic modules reels in a 1,100-megawatt project pipeline made up of 570 megawatts under signed purchase agreements with Western utilities and 530 megawatts of additional photovoltaic projects in various stages of development.

"NextLight has assembled a project pipeline that very much complements First Solar's project portfolio," said First Solar Chief Executive Rob Gillette. "We are looking forward to having the highly experienced NextLight team join First Solar."

The deal is expected to be completed in the third quarter.

First Solar lately has been shuffling its assets, in November selling one of its California solar farms to independent power producer NRG Energy Inc. (NRG) and buying a solar project development pipeline from Edison Mission Group in January.

In February, First Solar said its fourth-quarter profit climbed due to better-than-expected revenue growth that more than offset lower margins. First-quarter results are due after the bell Wednesday.

Shares of First Solar closed at $128.36 on Tuesday and were inactive premarket. The stock has fallen 5.2% so far this year.

Labels: Aquisitions, First Solar Inc, FSLR, Solar Stocks

posted by Ertai at 9:46 AM