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First Solar Buys 50 MWAC Macho Sprints Project

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First Solar, Inc. (Nasdaq: FSLR) and Element Power Solar today announced that First Solar has acquired the 50-megawatt[AC ](MW) Macho Springs Solar project that Element Power Solar has developed in Luna County, N.M. When complete, it will be the state's largest solar power project.

The photovoltaic (PV) solar project is expected to be completed in 2014, providing up to 400 construction jobs, and producing enough clean, renewable energy to power over 18,000 homes while displacing 40,000 tons of CO[2] per year—the equivalent of taking 8,000 cars off the road. Terms of the transaction were not disclosed.

The Macho Springs Solar project is located on land leased from the New Mexico State Land Office, and electricity from the facility will be purchased by El Paso Electric (NYSE: EE) under a power purchase agreement that is subject to regulatory approvals, expected in the first half of 2013.

Posted-In: News M&A

 

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