Following our report two weeks ago revealing the first inklings of a takeover bid by First Solar, Inc. of OptiSolar’s photovoltaic project pipeline, the news that the $400 million all-stock deal has been finalised has been revealed. First Solar will complete construction of the plants developed under the pipeline over the next few years, with plans to sell those plants to various regulated utilities, diversified energy companies and other independent power producers.
First Solar has confirmed that it will keep on the OptiSolar core development team that designed and executed the PV project pipeline. The ailing thin-film module company had shed more than 600 jobs in the past few months from the McClellan Park facility in Sacramento and from the company’s Hayward HQ/panel plant.
As a result of recent appreciation in the price of the company’s common stock shares, First Solar is planning to issue approximately 3 million shares of common stock at a 3.5% dilution instead of the expected 5% dilution.