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NextEra Energy Resources Completes Acquisition of Ontario Solar Projects from First Solar

published: 2012-03-14 15:51

NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. (NYSE:NEE), and First Solar, Inc. (Nasdaq:FSLR) today announced the completion of NextEra Energy Resources' acquisition of two solar photovoltaic (PV) projects totaling 40 megawatts (AC) in Ontario, Canada from First Solar.

The projects, located in St. Clair, were designed, developed and constructed by First Solar, using its advanced thin film PV modules, and began commercial operation in February, 2012. The two projects are owned and operated by subsidiaries of NextEra Energy Resources' Canadian subsidiary, NextEra Energy Canada, ULC, and provide enough power to serve about 6,440 homes. Each year the solar generation is expected to help avoid nearly 45,000 tons of carbon dioxide, which is the equivalent of removing nearly 8,600 cars from the road every year for the life of the projects. The power is being sold to the Ontario Power Authority via long-term contracts under its Renewable Energy Standard Offer Program (RESOP).

"We are pleased to have completed the acquisition of our initial Canadian solar projects. This acquisition is consistent with our strategy to add fully contracted renewable assets to our portfolio," said NextEra Energy Resources' Senior Vice President of Development Mike O'Sullivan. "Solar power will help promote a clean-energy economy in Ontario and reduce its dependence on fossil fuels."

"The completion of the St. Clair projects helps Ontario meet its economic and renewable energy goals," said Peter Carrie, First Solar Vice President for Business Development, Canada. "The projects employed 800 construction workers, including local First Nations workers, and are the first large-scale solar facilities permitted under the Province's Renewable Energy Approval process."

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