MidAmerican Energy Holdings is set to buy First Solar's 550MW Topaz Solar Farm in San Luis Obispo County, California.
Although building work on the US$2 billion system began last week, First Solar has been looking to sell ever since it failed to secure a government loan guarantee to finance construction three months ago.
Completion of the purchase is still dependent on a number of closing conditions, including several relating to permitting and grid connection. A 25-year power purchase agreement to buy the electricity produced by Topaz has been agreed with local utility Pacific Gas and Electric. Further financial details were not disclosed.
Despite the imminent sale, First Solar will still build, operate and maintain the project. Topaz is scheduled for grid connection in 2015.