Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


First Solar - FSLR - Acquires Chilean Project Developer Solar Chile

Wednesday, January 9, 2013 1:31 PM
First Solar, Inc. (Nasdaq: FSLR) and Fundación Chile announced that First Solar has acquired Solar Chile, a Santiago-based solar development company in which Fundación Chile was an early investor. This culminates a strategic working alliance the two companies formed in Oct. 2011. Solar Chile has a portfolio of early- to mid-stage utility-scale photovoltaic (PV) power projects totaling about 1.5 gigawatts (GW) in Regions I, II, III, and XV in northern Chile, including the Atacama Desert region, which offers the highest solar irradiance in the world. "We have been very impressed by the quality of the Solar Chile team and the projects they are developing, and we believe that together we will bring even more value to the Chilean market," said Jim Hughes, First Solar CEO. "Combining Solar Chile's market knowledge and promising project portfolio with First Solar's resources, technology and strong execution track record offers Chile a rapid and proven path to add significant solar generation capacity, helping to meet high energy demand and support economic growth." "First Solar's acquisition of Solar Chile is a milestone of enormous significance to our country," said Alvaro Fischer, President of Fundación Chile. "It highlights the tremendous potential that solar PV energy has to change the demography and the economy of northern Chile, opening it up to new opportunities beyond mining and fishing, into water desalinization, hydrogen production or large green data centers." "Chile faces a growing energy demand from its sustained economic growth," said Hernán Cheyre, Executive Vice-President of CORFO, the Chilean government's economic development agency. "Solar energy provides a sustainable and clean energy source that takes advantage of our outstanding clear skies and irradiance. The growth of the solar industry and the arrival of First Solar validates Chile´s position as a regional hub for entrepreneurship and innovation." First Solar has a global development pipeline of projects under contract to utilities totaling 3 GW, with 2 GW under construction. It has constructed more than 600 megawatts of PV power projects worldwide. Under the terms of the agreement, the five-person Solar Chile team is joining First Solar, and Fundación Chile will provide ongoing consultation services. Terms of the transaction were not disclosed. About First Solar - FSLR First Solar (FSLR) is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced thin-film modules. FSLR's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module collection and recycling, FSLR's renewable energy systems protect and enhance the environment.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Pipeline delay gives boost to Obama's political basePipeline delay gives boost to Obama's political base
WASHINGTON (Reuters) - The latest delay to a final decision on the Keystone XL oil pipeline will reinforce a White House strategy to energize President Barack Obama`s liberal-leaning base before fal...
Pfizer considers $100 billion bid for AstraZeneca: reportPfizer considers $100 billion bid for AstraZeneca: report
LONDON (Reuters) - U.S. pharmaceutical giant Pfizer <PFE.N> has approached British rival AstraZeneca <AZN.L> to propose a 60 billion pound ($101 billion) takeover, Britain`s Sunday Times r...
GM to battle VW in China with $12 billion investment and new plantsGM to battle VW in China with $12 billion investment and new plants
BEIJING (Reuters) - U.S. car giant General Motors Corp (GM) <GM.N> plans to invest $12 billion in China from 2014 to 2017 and build more plants next year as it competes with aggressive rivals in...
Mercedes, BMW chase ultra rich clients with new high end carsMercedes, BMW chase ultra rich clients with new high end cars
BEIJING (Reuters) - Premium auto maker BMW <BMWG.DE> unveiled a luxury concept sedan in Beijing on Sunday, to gauge customer appetite for a car that would cost more than German manufacturer`s cu...
Hyundai Motor unveils small SUV concept for China, to launch this yearHyundai Motor unveils small SUV concept for China, to launch this year
SEOUL (Reuters) - South Korea`s Hyundai Motor <005380.KS> on Sunday unveiled its small sport utility vehicle (SUV) concept targeted at the Chinese market, planning to join a flurry of rivals i...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.