M&A Deal Summary

First Solar Acquires NextLight Renewable Power

On July 13, 2010, First Solar acquired renewable energy company NextLight Renewable Power from ECP for 285M USD

Acquisition Highlights
  • This is First Solar’s 1st transaction in the Renewable Energy sector.
  • This is First Solar’s largest (disclosed) transaction.
  • This is First Solar’s 2nd transaction in the United States.
  • This is First Solar’s 1st transaction in California.

M&A Deal Summary

Date 2010-07-13
Target NextLight Renewable Power
Sector Renewable Energy
Buyer(s) First Solar
Sellers(s) ECP
Deal Type Add-on Acquisition
Deal Value 285M USD

Target

NextLight Renewable Power

San Francisco, California, United States
NextLight Renewable Power is a renewable energy company focused primarily on utility-scale solar developments in the Western US.

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Buyer(S) 1

Buyer

First Solar

Tempe, Arizona, United States

Category Company
Founded 1999
Sector Renewable Energy
Employees6,700
Revenue 3.3B USD (2023)
DESCRIPTION
Entrance to First Solar's corporate headquarters in Tempe, Arizona.
Entrance to First Solar's corporate headquarters in Tempe, Arizona.

First Solar is a global provider of solar energy solutions, focused on providing power solutions across various market segments. The Company designs, manufactures and sells photovoltaic solar modules with an advanced thin-film semiconductor technology and the Company develops, designs, constructs and sells PV solar power solutions that primarily use the solar modules it manufactures. Additionally, First Solar provides operations and maintenance services to plant owners that use solar modules manufactured by the Company or by other third-party manufacturers. First Solar was incorporated in 1999 and is based in Tempe, Arizona.


DEAL STATS #
Overall 2 of 9
Sector (Renewable Energy) 1 of 3
Type (Add-on Acquisition) 2 of 4
State (California) 1 of 4
Country (United States) 2 of 7
Year (2010) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-30 Turner Renewable Energy

United States

Turner Renewable Energy, LLC has operated under the name DT Solar, a Turner Renewable Energy Company, since January 2007 when entrepreneur and philanthropist Ted Turner invested in the company. DT Solar has designed and deployed commercial solar projects for utilities and Fortune 500 companies in the U.S. since 2004. The acquisition brings to First Solar a team of people experienced in the development of independent power projects, marketing of energy, and operation of commercial power plants in the United States.

Buy $34M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-07 RayTracker

Pasadena, California, United States

RayTracker, Inc. was founded to meet the need for robust, reliable, and cost-effective solar trackers, as well as for software and hardware to enable the lowest cost design, installation and operation of solar PV plants. The company's dedicated and enthusiastic team includes experts in solar technology innovation, reliability engineering, advanced PV system modeling, software engineering, product development, and high-volume manufacturing.

Buy -

Seller(S) 1

SELLER

ECP

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 27.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ECP is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets. The Firm primarily targets opportunities located in North America. ECP was formed in 2005 and is based in Summit, New Jersey.


DEAL STATS #
Overall 3 of 24
Sector (Renewable Energy) 2 of 7
Type (Add-on Acquisition) 3 of 12
State (California) 1 of 2
Country (United States) 3 of 22
Year (2010) 1 of 2
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-18 Power Line Services

The Woodlands, Texas, United States

Power Line is a group with the expertise, resources and experience to perform construction services nation-wide for major utilities, regional cooperatives, renewable energy developers, municipalities, commercial and industrial customers and several oil and gas companies.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-01 SunZia Southwest Transmission Project

New Mexico, United States

SunZia Southwest Transmission Project LLC is a transmission line that will connect renewable energy sources in New Mexico and Arizona to Phoenix and other load centers.

Sell -