First Solar sells 10GW solar project business to Canadian pension fund

Facebook
Twitter
LinkedIn
Reddit
Email
First Solar has sold a large part of its PV project business to Leeward Renewable Energy totalling around 10GW. Image: First Solar

‘Solar Module Super League’ (SMSL) member First Solar has sold a large part of its PV project business to Leeward Renewable Energy totalling around 10GW.

Leeward Renewable Energy is a subsidiary of OMERS Infrastructure, an investment arm of OMERS, a major Canadian pension fund. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Jason Allen, chief executive officer at Leeward Renewable Energy said, “This acquisition will support our aggressive growth strategy as a leading independent power producer and elevate Leeward’s prominent position in today’s energy market. The public recognizes that renewable energy is a key driver in combating the global issue of climate change. Solar and renewable technologies continue to advance and now provide economically viable solutions in virtually every market in the US. We will continue to grow our wind, solar, and storage presence so we can continue to provide clean energy to our existing and future customers as they pursue their net-zero emission goals.”

First Solar said it would have 1.1GW (AC) of US projects remaining in its portfolio that it will sell separately, while key members of its project development team would be joining Leeward. First Solar had around 500 staff in its systems business at the end of 2019.

Leeward is buying some of the projects that already have solar module purchase orders attached to the projects, while 744MW (DC) of module orders were said to be new bookings out of a total of 1.8GW (DC).

First Solar is undergoing a rationalisation of its business that will focus on solar module sales in the future. The company has said that shipments in 2020 hit 5.9GW. 

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

June 25, 2025
Australia’s National Electricity Market (NEM) achieved a new record high for solar PV and wind generation at 12,463MW.
June 24, 2025
Imbalances in investment mean that action will be needed if the solar industry is to help meet the world’s climate change targets.
June 19, 2025
Boralex is driving organic growth across Canada, the US, France, and the UK, fueled by a project pipeline totalling 8GW.
June 17, 2025
The World Bank has approved a loan of around US$600 million to support the development of 540MW of new solar and wind capacity in Indonesia.
June 16, 2025
The LC will enable Redeux to fund development costs tied to interconnection and power purchase agreement (PPA) commitments across projects. Image: Redeux Energy.
June 5, 2025
Policy uncertainty in the US is likely to disrupt investment in clean energy, according to a recent report from Crux.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico