US solar behemoth First Solar has acquired a 150MW solar project called Solar Gen 2 from Energy Power Partners, an affiliate of The Goldman Sachs Group and a third equity partner for the project.
The acquisition includes 40MW of PV modules which have already been purchased from another supplier. These modules will be integrated into the installation which is due to begin construction later this year near El Centro in Imperial County, California. During construction, the project is expected to create an average of more than 800 jobs.
First Solar will also supply the rest of the modules for the power plant, along with its project development, EPC and grid integration services.
The utility-scale project is slated to complete in 2014 and will produce enough electricity to power 60,000 Californian homes. Electricity generated by the facility will be purchased by San Diego Gas & Electric Company (SDG&E) under a 25-year power purchase agreement.
“We are very pleased to help SDG&E meet its clean energy goals and provide clean, reliable, renewable power to their customers,” said Dana Diller, First Solar’s vice president of US business development. “We are also proud to once again bring the economic benefits of utility-scale solar development to Imperial County, where both county officials and the Imperial Irrigation District, with which this plant will interconnect, have been extremely supportive.”
“We are delighted to transition Solar Gen 2 to First Solar, one of the world’s leading solar companies. First Solar shares our vision of providing clean energy for California and green jobs for Imperial Valley, one of the most economically challenged areas in the country,” said Steve Zaminski, CEO of Solar Gen 2 and owner of Energy Power Partners. “We are grateful to SDG&E, the Imperial Irrigation District, the County of Imperial and the California Public Utilities Commission for their leadership and support in contributing to the successful outcome of this development effort.”
Financial terms of the transaction remain undisclosed.