First Solar sells Silver State South

First Solar has finalized the sale of its pre-construction 250MW(ac) Silver State South PV project to NextEra Energy Resources, confirming a deal first announced last autumn.

Having already developed and designed Silver State South, First Solar will stay on to provide EPC services, with the project – one of the world’s largest – expected to be taken into full operation by late 2016.

Terms of the sale have not been made public.

Located in Nevada, the Silver State South site is adjacent to the existing 50MW Silver State North project, which was completed and sold in 2012 to Enbridge.

The deal represents another major order for Arizona-based First Solar from NextEra, the single largest operator of wind and solar capacity in the US.

Alongside GE and Sumitomo, NextEra is partial owner of the 550MW Desert Sunlight project in California that is currently being built by First Solar.

Last autumn, Next Era agreed to buy the 250MW McCoy project – also in California – from First Solar, which will be built along a similar timescale to Silver State South.

First Solar’s downstream “systems” business accounted for nearly two-thirds of its $3.31bn in revenues last year, with module sales making up the rest.

NextEra last week confirmed plans to launch a yieldco vehicle onto the New York Stock Exchange, which will be initially seeded with 990MW of wind and solar capacity – only 40MW of it PV.