First Solar Forms Utility Systems Business With NextLight Acquisition
Thursday, July 1st 2010 9:38 PM
By GetSolar Staff.
First Solar announced on Thursday that it will form a separate group focused on the utility systems business, with the firm's current CFO, Jens Meyerhoff, to be named the group's president. First Solar is on the verge of completing its acquisition of NextLight Renewable Power, which focuses on utility-scale solar.
First Solar is the world's largest producer of thin film and photovoltaic solar cells, with the majority of its sales to large scale utilities and developers.
The utility systems business group will extend First Solar's reach into large projects, hopefully generating more demand for its low-cost solar panels. As more and more utilities turn to solar power, First Solar intends to outcompete its domestic and overseas competitors - particularly from China - on cost, efficiency and project support and development.
The new group leader, Jens Meyerhoff, has served as the company's CFO since 2006.
"Jens brings significant financial, operations and market expertise to the utility systems business in order to provide our customers with a full PV system solution to their renewable energy needs. He will ensure an integrated, portfolio-based approach to project economics--from site selection and project development through to transmission access, power purchase agreement and project asset sale," said First Solar's CEO Rob Gillette.
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