First Solar acquires 1.5GW renewable portfolio in US, Mexico

First Solar, an American manufacturer of PV modules, has acquired a pipeline of US and Mexico development projects with a consolidated capacity of 1.5GW from renewable project developer Element Power.

The acquired project portfolio comprises projects situated across diverse locations including California, Arizona, Texas, Georgia, North Carolina, Colorado, Louisiana and Illinois at various development stages.

The pipeline also includes Mexican projects located in the State of Sonora, which are expected to leverage emerging utility scale PV market in the country.

Element Power president and COO Raimund Grube said the agreement represents second transaction with First Solar.

"This sale of projects from our portfolio demonstrates a relationship that brings together the strengths of each company to add high quality solar assets to the energy mix in the US and Mexico," added Grube.

Element Power will provide staff for First Solar’s development team to aid the company in easy transition of project development activities.

First Solar said that the projects, currently at different stages of environmental screening and permitting, are competitively positioned in their respective markets, besides securing site options and interconnect queue positions.

First Solar Americas business development SVP Tim Rebhorn said, "The mix of projects in emerging U.S. regions and an optimized pipeline in established markets will better position First Solar to secure customer off-take agreements."

"We are excited by the opportunity to explore new relationships with CFE and with commercial and industrial customers and the Mexican government, and to establish a strong initial presence in the region,"Rebhorn added.