First Solar sells Campo Verde

First Solar has sold the 139MW Campo Verde Solar Project in California’s Imperial Valley to a subsidiary of the Southern Company and Turner Renewable Energy.

Financial terms of the transaction were not made public. First Solar does not expect to recognize revenue prior to commercial operation of the plant.

The deal calls for First Solar to complete the PV project, and then operate and maintain the facility for 10 years.  Construction began in December and commercial operation is expected in fall 2013.

San Diego Gas & Electric Company will purchase all electricity from the project under a 20-year agreement.

In 2010 First Solar sold the 30 MW Cimarron I Solar Project, adjacent to Ted Turner's Vermejo Park Ranch in northern New Mexico, to the same partnership.