California photovoltaic power plant will generate enough electricity for 160,000 homes
DES MOINES, Iowa and TEMPE, Ariz.--(BUSINESS WIRE)-- Today, MidAmerican Renewables, LLC, a subsidiary of MidAmerican Energy Holdings Company, announced it has completed its acquisition of the Topaz Solar Farm from First Solar, Inc. (NASDAQ: FSLR). The 550-megawatt photovoltaic power plant being built in San Luis Obispo County, Calif., will have the capacity to generate enough renewable energy to power approximately 160,000 average California homes.
"There is a growing desire to utilize renewable energy," said Bill Fehrman, president of MidAmerican Renewables. "Solar plays a crucial role in meeting renewable energy targets and portfolios. The closing of the Topaz project acquisition makes it the second solar project in our renewables business, and we look forward to evaluating and acquiring additional opportunities."
The Topaz project will be built, operated and maintained by First Solar. Construction began in December 2011 and is expected to be complete by early 2015. The project will create approximately 400 construction jobs and 15 ongoing operations and maintenance jobs.
"We are pleased to be moving forward with MidAmerican Renewables on the Topaz project - one of the two largest PV projects in the world, which are both being built by First Solar," said Frank De Rosa, First Solar senior vice president for business development - the Americas. "First Solar is the leading developer of utility-scale PV projects, and MidAmerican Renewables' investment in these renewable resources is a significant endorsement."
Pacific Gas and Electric Company will purchase the electricity from the Topaz project under a 25-year power purchase agreement, helping California meet its mandate to generate 33 percent of its power from renewable sources by 2020.
Developed by First Solar, the Topaz project will incorporate the company's advanced thin-film PV modules, which generate electricity with no emissions, waste or water use and have the smallest carbon footprint of any PV technology. Electricity generated from the Topaz project will displace approximately 377,000 metric tons of carbon dioxide per year - the equivalent of taking approximately 73,000 cars off the road.
MidAmerican Renewables, LLC
MidAmerican Renewables, LLC oversees wind, geothermal,
solar and hydro projects in the unregulated renewables
market. MidAmerican Renewables is headquartered in Des
Moines, Iowa, and has offices in Phoenix, Ariz., and
Calipatria, Calif. Information about MidAmerican Renewables
is available at
www.midamericanrenewablesllc.com.
MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company, based in Des Moines,
Iowa, is a global provider of energy services. Through its
energy-related businesses, MidAmerican provides electric
and natural gas service to more than 6.9 million customers
worldwide. These businesses are Pacific Power, Rocky
Mountain Power and PacifiCorp Energy, comprising
PacifiCorp; MidAmerican Energy Company; Northern Powergrid
Holdings Company; Northern Natural Gas Company; Kern River
Gas Transmission Company; MidAmerican Renewables, LLC; and
CalEnergy Philippines. Information about MidAmerican is
available at
www.midamerican.com.
First Solar, Inc.
First Solar manufactures solar modules with an advanced
semiconductor technology and is a premier provider of
comprehensive photovoltaic system solutions. The company is
delivering an economically viable alternative to
fossil-fueled generation. From raw material sourcing
through end-of-life collection and recycling, First Solar
is focused on creating value-driven renewable energy
solutions that protect and enhance the environment. For
more information about First Solar, visit
www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements, which are
made pursuant to the safe harbor provisions of Section 21E
of the Securities Exchange Act of 1934. The forward-looking
statements in this release do not constitute guarantees of
future performance. Those statements involve a number of
factors that could cause actual results to differ
materially, including risks associated with the
company's business involving the company's
products, their development and distribution, economic and
competitive factors, and the company's key strategic
relationships and other risks detailed in the company's
filings with the Securities and Exchange Commission. First
Solar assumes no obligation to update any forward-looking
information contained in this news release or with respect
to the announcements described herein.
MidAmerican Renewables, LLC
Ann Thelen, 515-281-2785
Director, Communications and Media Relations
athelen@midamerican.com
or
First Solar, Inc.
Alan Bernheimer, 415-935-2499
Director, Corporate Communications
media@firstsolar.com
or
First Solar, Inc.
David Brady, 602-414-9315
Vice President, Investor Relations
dbrady@firstsolar.com
or
First Solar, Inc.
Luke Fairborn, 602-414-9315
Director, Investor Relations
lucas.fairborn@firstsolar.com
Source: MidAmerican Renewables, LLC
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