Bloomberg News

First Solar Sells 50 Megawatts of Canada Plants to GE-Led Group

August 26, 2013

First Solar Inc. (FSLR:US), the largest U.S. solar-panel manufacturer, sold three power plants in Ontario, Canada, with a total of 50 megawatts of capacity to a partnership led by General Electric Co. (GE:US)

First Solar built and will operate the Belmont and Walpole solar farms, each with 20 megawatts, and the 10-megawatt Amherstburg plant, according to a statement today. Terms weren’t disclosed.

First Solar, based in Tempe, Arizona, will also maintain the solar farms and the Ontario Power Authority will purchase the electricity under a 20-year contract. They produce enough power for about 6,300 homes, according to the statement.

This is the first transaction between First Solar and GE since the the solar company agreed Aug. 6. to acquire the Fairfield, Connecticut-based power-equipment supplier’s solar technology in exchange for a 1.8 percent stake.

GE owns a majority stake in the partnership while Alterra Power Corp. (AXY) has an equity stake and serves as managing partner.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • FSLR
    (First Solar Inc)
    • $70.02 USD
    • -0.68
    • -0.97%
  • GE
    (General Electric Co)
    • $26.27 USD
    • -0.16
    • -0.62%
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