50 MW: First Solar sells projects to GE

Belmont, Canada - First Solar, Inc. announced on Monday that it has sold a collection of solar projects in Ontario, Canada, totaling 50 megawatts (MW) AC to an investment partnership led by GE unit GE Energy Financial Services. Terms were not disclosed.

It is the first project transaction between First Solar and GE since their solar technology and commercial partnership was announced Aug. 6.

The ABW Partnership, originally announced in 2011, consists of majority owner GE Energy Financial Services and Alterra Power Corporation, which made an equity contribution and will serve as the projects' managing partner. The ABW Partnership raised debt for the acquisition, with The Manufacturers Life Insurance Company serving as agent and lead arranger. The debt syndicate consists of The Great-West Life Assurance Company, Sun Life Assurance Company of Canada and Caisse de d

Source: IWR Online, 27 Aug 2013