First Solar Purchases Assets From OptiSolar
First Solar announced on Monday that is was buying the assets of rival solar start-up company OptiSolar in a $400 million all stock deal. The deal will give First Solar control of all of OptiSolar's in-progress solar projects, including the much anticipated Topaz Solar Farm in California which will be the world's largest solar farm producing 550 megawatts of electricity. The Topaz project is scheduled to start supplying Pacific Gas & Electric Co (PG&E) with power in 2011.
Despite a slowing economy, First Solar continues to secure deals which is putting it ahead of its competitors. Major California utility companies, such as PG&E and Southern California Edison, have all turned to First Solar to help them reach the mandated goal of 20% of their generated power from renewable sources by the year 2010.