First Solar To Sell 10 GW of its US Solar Project Platform to Leeward Renewable Energy

Image: First Solar.

Leeward Renewable Energy LLC has completed the acquisition of a 10-GW utility-scale solar project platform from US thin-film module maker First Solar Inc (NASDAQ:FSLR), the companies announced today.

Leeward, a portfolio company of OMERS Infrastructure, an investment arm of Canadian pension fund OMERS, said the purchase supports its “aggressive growth strategy.” The deal, completed with effect from March 31, increases Leeward’s solar development portfolio to 14 GW and its geographic footprint across the Southeast and Southwest US.

“OMERS Infrastructure is proud to be invested in Leeward as we expand our investment in clean energy, consistent with our long-term plan to increase our footprint in this growing sector,” commented OMERS Infrastructure managing director Tom Frazier.

The acquired US project platform includes 773 MW of projects that are expected to move into construction in the next two years and the operational 30-MW Barilla solar project.

As a result of the acquisition, 50 members of First Solar’s development team have joined Leeward.

As previously announced, under the deal Dallas-based Leeward will acquire projects with First Solar module purchase orders and will make additional orders, which together represent 1.8 GW DC of First Solar modules. Of these, 744 MW DC will be new bookings for First Solar as of closing.

First Solar, meanwhile, yesterday also completed the sale of its North American operations and maintenance (O&M) business to NovaSource Power Services.