The company reported this week that the acquisition marks another step in its strategy of expanding its operations in the market for utility-scale solar projects. This strategy got underway in 2007 when First Solar acquired Turner Renewable Energy.
Other past acquisitions of First Solar include OptiSolar in 2009 and Edison Mission Group earlier this year. The NextLight deal was an all-cash transaction worth approximately $297 million.
Under the deal, NextLight's project developers and other staff members are also set to join FirstSolar.
Looking ahead, the deal will start yielding benefits in the short term for FirstSolar. One of the first projects it will be handling is a 290-megawatt solar array in Yuma County, Arizona, that is already subject to a power purchase agreement with Pacific Gas & Electric in California. Construction on that particular solar array is due to start later this year.
