First Solar sells power project in New Mexico

TEMPE, Ariz.

Solar panel maker First Solar Inc. said Monday it sold a solar power project to Atlanta-based utility Southern Co. and Turner Renewable Energy that is expected to power 9,000 homes.

Terms of the deal weren't disclosed. Turner Renewable Energy, which sells solar systems to utilities, has been a subsidiary of First Solar since 2007, when it was purchased from CNN founder Ted Turner.

Tempe-based First Solar said the Cimarron I Solar Project is adjacent to Vermejo Park Ranch in northern New Mexico. First Solar developed the project and is providing engineering, procurement and construction. First Solar also will operate and maintain the facility under a 25-year contract.

Electricity generated by the plant will serve a 25-year power purchase agreement with the Tri-State Generation and Transmission Association, a not-for-profit wholesale power supplier that serves 1.4 million customers across Colorado, Nebraska, New Mexico and Wyoming.

Construction will begin this month. The project is expected to begin operating by the end of this year. It will use approximately 500,000 photovoltaic modules.

First Solar said the 30 megawatt project will displace more than 45,000 tons of carbon emissions per year.

Its shares ended Monday down 61 cents at $114.92.