First Solar, Inc. Wins Contract For 150MW Project in California

First Solar earnings

First Solar, Inc. (NASDAQ:FSLR) has been selected by independent energy company to design and build the 150 megawatt (MW) Tenaska Imperial Solar Energy Center West project near El Centro, California (US).

First Solar to provide full EPC services

First Solar, Inc. (NASDAQ:FSLR) will provide full Engineering, Procurement and Construction (EPC) services on the project, employing its advanced thin film photovoltaic modules and single-axis tilt technology.

The project sits on approximately 1100 acres of previously disturbed land in Imperial County. Tenaska Imperial West is the second solar project in Southern California’s Imperial Valley developed, owned and managed by Tenaska. In November of 2013, First Solar completed construction on the 130MWACTenaska Imperial Solar Energy Center South power plant for Tenaska.

First Solar, Inc. (NASDAQ:FSLR) has already started engineering and expects to begin construction later in 2014, with full commercial operation anticipated in 2016. San Diego Gas & Electric Company holds a 25-year power purchase agreement (PPA) for all electricity generated by Tenaska Imperial West.

Tenaska is an energy company based in Omaha, Nebraska, with a proven track record of developing, constructing, owning, and operating state-of-the-art electric generating plants.

The Omaha-based energy company Tenaska has chosen First Solar to construct a large solar energy facility near El Centro, California.

The project site, which First Solar has already begun work will be known as the AC Tenaska Imperial Solar Energy Center West. First Solar, Inc. (NASDAQ:FSLR) will be charged with providing Engineering, Procurement and Construction (EPC) services on the project and will be using its advanced thin film photovoltaic modules along with its single-axis tilt technology to bring the site up to 150 megawatts.

Continuing their partnership

Tenaska’s Imperial West site will be its second in Southern California’s Imperial Valley and will be situated on around 1,100 acres of previously disturbed land in Imperial County, California. First Solar has already constructed a 130MW solar energy center for Tenaska who developed, owns and manages the site.

“We are pleased to continue our relationship with Tenaska,” said Roger Bredder, First Solar, Inc. (NASDAQ:FSLR)’s Managing Director for U.S. Business Development “This project will provide up to 800 jobs in the Imperial Valley at construction peak, and make a significant economic contribution to the local community. It will also provide the residents of Southern California with a reliable source of clean, renewable energy.”

Experienced workers

It took roughly two years for First Solar, Inc. (NASDAQ:FSLR) to build the first site and in so doing now has a pool of experienced workers that are familiar with First Solar’s technology and construction offerings.

The engineering process has already begun for First Solar with construction set to begin later this year. Full commercial operation is expected to begin in 2016, with San Diego Gas & Electric Company holding a 25-year power purchase agreement (PPA) for all electricity generated by Tenaska Imperial West.

First Solar, Inc. (NASDAQ:FSLR) is presently trading at $66.77 up $2.30 or 3.57% on moderate trading. As of this writing (1:20PM EDT), about 2.6 million shares have changed hands with an average three-month volume of 4.42 million shares.

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About the Author

Brendan Byrne
While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. To contact Brendan or give him an exclusive, please contact him at theflask@gmail.com

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