First Solar sells equity stake in Nevada solar power plant project to Capital Dynamics

Capital Dynamics has acquired the equity interests in Nevada-based Moapa Southern Paiute Solar Project from First Solar Inc. No financial terms were disclosed.

PRESS RELEASE

TEMPE, Ariz.–(BUSINESS WIRE)–First Solar, Inc. (Nasdaq: FSLR) today announced it has completed the sale of the cash equity interests in the 250 Megawatt (MW)AC Moapa Southern Paiute Solar Project in Nevada to global private asset manager Capital Dynamics. Terms of the deal were not disclosed.

Minority tax equity interests in the project are shared by GE (NYSE:GE) unit GE Energy Financial Services, and an affiliate of the Goldman Sachs Group.

Located on the Moapa River Indian Reservation approximately 30 miles north of Las Vegas, this facility is the first-ever utility-scale solar power plant to be built on tribal land, and has a long-term power purchase agreement (PPA) with LADWP to bring clean, renewable energy to Los Angeles residents. The solar power plant is capable of generating enough clean energy to power approximately 111,000 homes.

“This has been an exciting project to develop and build,” said Georges Antoun, First Solar’s Chief Commercial Officer. “Our technology is driving down the cost of solar electricity and enabling power providers to include competitive, reliable renewable energy in their portfolios. We are proud to transfer ownership of this power generation asset to Capital Dynamics.”

“The Moapa project is an important step in the Clean Energy and Infrastructure strategy of Capital Dynamics,” said John Breckenridge, Capital Dynamics’ Head of Clean Energy and Infrastructure. “We continue to be long-term owners of high quality power generation assets in North America and Europe. We are particularly pleased that with Moapa, we expand our strong relationship with First Solar.”

First Solar Energy Services will operate and maintain the power plant for Capital Dynamics.

By using renewable energy from the sun, the Moapa Southern Paiute Solar Project will avoid approximately 341,000 metric tons per year of carbon dioxide emissions that would have been produced if the electricity had been generated using fossil fuels – the equivalent of taking nearly 73,000 cars off the road. First Solar’s technology creates no air or water pollution and uses no water to generate electricity.

About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. www.firstsolar.com

About Capital Dynamics’ Clean Energy and Infrastructure team
Capital Dynamics’ Clean Energy and Infrastructure (CEI) team holds extensive expertise in investing, financing, owning, and operating conventional and clean energy businesses globally. Established to capture attractive investment opportunities in this class of real assets, Capital Dynamics’ CEI mandate is to invest directly in proven clean energy technologies – such as solar, wind, biomass, conventional gas generation and waste gas fueled power generation – across the globe. Since the establishment of Capital Dynamics’ CEI business, the CEI team has acquired, built, and now manages nearly 2,400 MW of clean energy capacity in North America and Europe.

The information contained in this press release is not to be considered investment advice and shall not constitute an offer to sell or a solicitation of an offer to purchase securities or enter into any agreement with Capital Dynamics.

About the Moapa Project
The Moapa Southern Paiute Solar Project is a 250MWACsolar photovoltaic facility located in Clark County, Nevada. The facility began operating in December 2016 and sells its entire output to Los Angeles Department of Water and Power (LADWP) under a 25-year power purchase agreement. The California State Teachers’ Retirement System (CalSTRS) and the Netherland’s APG Asset Management were also significant equity participants in the project.