First Solar to sell Canadian plant to Enbridge
Friday, October 2, 2009 11:39am Phoenix Business Journal
First Solar Inc. is selling a 20-megawatt solar power plant under construction in Sarnia, Ontario, to Enbridge Inc.
The facility will be sold upon completion, which is expected by the end of the year. Tempe-based First Solar (Nasdaq:FSLR) had been looking to sell the project, one of several it obtained when it bought OptiSolar's development pipeline.
Enbridge, based in Calgary, Alberta, also has four wind projects that produce a total of 260 megawatts.
"Enbridge's investment underscores the fact that large-scale solar photovoltaic power generation is becoming a reality," Bruce Sohn, president of First Solar, said in a prepared statement.
Financial terms of the deal were not announced. The plant has a 20-year agreement to sell power to the Ontario Power Authority.