First Solar and Fotowatio snap up solar projects

The solar industry saw two large sales this week. First Solar acquired all future projects from thin film-based solar power product Optisolar, while Spanish solar power provider Fotowatio purchased the solar portfolio of US-based solar projects firm MMA Renewable Ventures.

First Solar purchased the contract for a 550MW solar project, under a power purchase agreement with PG&E as part of the planned $400m (£284m) deal, along with another 1.3GW of projects in negotiation in the western US. The deal also gives it the rights to 210sq m of land, which First Solar said could generate up to 19GW of solar power. It also gets the firm's design and installation team.

"First Solar expects to construct solar power plants developed under the acquired solar power project pipeline over the next several years and sell them to a combination of regulated utilities, diversified energy companies and other independent power producers," said the company, which added that the deal enables to create 400 green collar jobs in cash-strapped California.

First Solar's fortunes are soaring. The firm, which recently announced that its fourth quarter income for fiscal 2008 doubled over 2007 to $132.8m, also said that it had broken the $1 per watt price barrier last week. Next year, it will reach 1.1GW of manufacturing capacity.

The Fotawatio Renewable Ventures acquisition includes a large, established 14MW solar project at Nellis Air Force base.