The solar energy project covers 1,443 acres in Imperial County, California, and will generate enough electricity to power 48,000 homes while displacing 80,000 metric tons of carbon dioxide emissions annually.
First Solar, which began construction on the solar energy project late last year, expects the 139-megawatt installation to be in operation by the fall of this year. Under the sale agreement, First Solar will operate and maintain the plant for 10 years. The electricity generated by the plant has already been acquired by San Diego Gas & Electric Co. under a 20-year power purchase agreement.
First Solar noted that it will not recognize revenue from the sale until the plant begins commercial operation.
Shares of First Solar are up more than 3% in mid-afternoon trading today, at $39.90 in a 52-week range of $11.43 to $41.00.
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