First Solar, Inc. revealed today it had purchased a portfolio of assets across North America from Element Power. Element Power is a developer and at the same time an operator of utility-scale solar and wind power projects. The company is owned by Hudson Clean Energy Partners. Hudson Clean Energy Partners is a private equity firm focused on renewable energy.
Included in the deal were U.S. development assets located in Illinois, Louisiana, North Carolina, Texas, Georgia, Colorado, Arizona, and California. The portfolio First Solar acquired also included numerous Mexican projects situated in the State of Sonora. The company said these Mexican projects were in a position to leverage on the emerging utility-scale photovoltaic market in Mexico. The financial details of the deal, however, were not disclosed.
"These U.S. assets are an excellent complement to our existing project pipeline. 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," Tim Rebhorn, senior vice-president of First Solar's Business Development for the Americas unit, explained.
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