Cash equity ownership transfers to long-term
ownerMinority tax equity ownership held by GE Energy Financial
Services, Goldman Sachs affiliate
First Solar, Inc. (Nasdaq: FSLR) today announced it has
completed the sale of the cash equity interests in the 250 Megawatt
(MW)AC Moapa Southern Paiute Solar Project in Nevada to global
private asset manager Capital Dynamics. Terms of the deal were not
disclosed.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170330005274/en/
Benoit Allenhaut (left), Capital
Dynamics' Director of Clean Energy and Infrastructure, talking with
First Solar's Chief Commercial Officer Georges Antoun (center) and
Laura Abram (right), Director of Government and Public Affairs, at
the formal commissioning of the Moapa Southern Paiute Solar Project
on March 17 in Moapa, Nevada. The 250MW project has a long-term
power purchase agreement with the Los Angeles Department of Water
and Power (LADWP) to bring clean, renewable energy to Los Angeles
residents. (Photo: First Solar, Inc.)
Minority tax equity interests in the project are shared by GE
(NYSE:GE) unit GE Energy Financial Services, and an affiliate of
the Goldman Sachs Group.
Located on the Moapa River Indian Reservation approximately 30
miles north of Las Vegas, this facility is the first-ever
utility-scale solar power plant to be built on tribal land, and has
a long-term power purchase agreement (PPA) with LADWP to bring
clean, renewable energy to Los Angeles residents. The solar power
plant is capable of generating enough clean energy to power
approximately 111,000 homes.
“This has been an exciting project to develop and build,” said
Georges Antoun, First Solar’s Chief Commercial Officer. “Our
technology is driving down the cost of solar electricity and
enabling power providers to include competitive, reliable renewable
energy in their portfolios. We are proud to transfer ownership of
this power generation asset to Capital Dynamics.”
“The Moapa project is an important step in the Clean Energy and
Infrastructure strategy of Capital Dynamics,” said John
Breckenridge, Capital Dynamics’ Head of Clean Energy and
Infrastructure. “We continue to be long-term owners of high quality
power generation assets in North America and Europe. We are
particularly pleased that with Moapa, we expand our strong
relationship with First Solar.”
First Solar Energy Services will operate and maintain the power
plant for Capital Dynamics.
By using renewable energy from the sun, the Moapa Southern
Paiute Solar Project will avoid approximately 341,000 metric tons
per year of carbon dioxide emissions that would have been produced
if the electricity had been generated using fossil fuels - the
equivalent of taking nearly 73,000 cars off the road. First Solar’s
technology creates no air or water pollution and uses no water to
generate electricity.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced module and
system technology. The company’s integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar’s renewable energy
systems protect and enhance the environment. www.firstsolar.com
About Capital Dynamics’ Clean Energy and Infrastructure
team
Capital Dynamics’ Clean Energy and Infrastructure (CEI) team
holds extensive expertise in investing, financing, owning, and
operating conventional and clean energy businesses globally.
Established to capture attractive investment opportunities in this
class of real assets, Capital Dynamics’ CEI mandate is to invest
directly in proven clean energy technologies – such as solar, wind,
biomass, conventional gas generation and waste gas fueled power
generation – across the globe. Since the establishment of Capital
Dynamics’ CEI business, the CEI team has acquired, built, and now
manages nearly 2,400 MW of clean energy capacity in North America
and Europe.
The information contained in this press release is not to be
considered investment advice and shall not constitute an offer to
sell or a solicitation of an offer to purchase securities or enter
into any agreement with Capital Dynamics.
About the Moapa Project
The Moapa Southern Paiute Solar Project is a 250MWACsolar
photovoltaic facility located in Clark County, Nevada. The facility
began operating in December 2016 and sells its entire output to Los
Angeles Department of Water and Power (LADWP) under a 25-year power
purchase agreement. The California State Teachers’ Retirement
System (CalSTRS) and the Netherland’s APG Asset Management were
also significant equity participants in the project.
For First Solar Investors
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: effects
resulting from certain module manufacturing changes and associated
restructuring activities; our business strategy, including
anticipated trends and developments in and management plans for our
business and the markets in which we operate; future financial
results, operating results, revenues, gross margin, operating
expenses, products, projected costs (including estimated future
module collection and recycling costs), warranties, solar module
technology and cost reduction roadmaps, restructuring, product
reliability, investments in unconsolidated affiliates and capital
expenditures; our ability to continue to reduce the cost per watt
of our solar modules; our ability to reduce the costs to construct
PV solar power systems; research and development programs and our
ability to improve the conversion efficiency of our solar modules;
our ability to expand manufacturing capacity worldwide; sales and
marketing initiatives; and competition. These forward-looking
statements are often characterized by the use of words such as
"estimate," "expect," "anticipate," "project," "plan," "intend,"
"seek," "believe," "forecast," "foresee," "likely," "may,"
"should," "goal," "target," "might," "will," "could," "predict,"
"continue" and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only
predictions based on our current expectations and our projections
about future events. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed in Item 1A: "Risk Factors," of our most recent Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and other
filings with the Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20170330005274/en/
Capital Dynamics MediaJohn Breckenridge+1
917-477-9960jbreckenridge@capdyn.comorFirst Solar MediaSteve Krum+1
602-427-3359steve.krum@firstsolar.comorFirst Solar InvestorsStephen
Haymore+1 602-414-9315stephen.haymore@firstsolar.com
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