First Solar announced on Thursday that the solar power projects it had acquired had been through an agreement with Edison Mission Group that gave them control of a portion of their solar project development pipeline.
The acquisition was done primarily to increase First Solar’s portfolio of solar panel projects. The projects that will fall into their possession as part of the deal includes solar energy projects located on private land that produce anywhere from 20 to 150 megawatts of power and are not under contract with utility companies.
Many of First Solar's current projects exist on public land and are already contracted to utility companies
"Acquiring the EMG development pipeline extends First Solar's leadership in the U.S. utility market," said Lisa Bodensteiner, First Solar vice president of business development for North America. "It builds on our strategy to cultivate robust and predictable module demand in utility-scale applications."
While the two solar energy companies had previously worked together on various projects together since 2008, with EMG acquiring land and the proper permits while First Solar handled engineering, procurement, and construction. Following the acquisition, First Solar will handle all aspects of the projects.
