Acquirer: OMERS Infrastructure Management Inc. (Canada)
Acquired: FS Saguaro, LLC, certain assets, and the Development Business of First Solar, Inc. (US)
Value: US$261 million
On January 24, 2021, First Solar, Inc., First Solar, Inc., a provider of comprehensive PV solar energy solutions, entered into an agreement with Leeward Renewable Energy Development, LLC, a U.S. based portfolio company of OMERS Infrastructure Management Inc., whereby Leeward Renewable Energy Development will acquire from First Solar certain assets and ongoing business operations. (See First Solar, Inc., Form 8-K, Jan. 25, 2021, SEC Filing.) Included in the acquisition are: all equity interests in First Solar’s subsidiary FS Saguaro, LLC, its “business of developing, contracting for the construction of, and selling utility-scale photovoltaic (“PV”) solar power generating facilities in the United States,” “approximately 10 gigawatts (“GW”)AC of solar projects, which includes the Rabbitbrush, Madison, Oak Trail, Horizon, and Ridgely projects that are expected to commence construction in the next two years, as well as the 30 megawatts (“MW”)AC Barilla Solar project, which is operational.” (Id.) The transaction “is subject to satisfaction or waiver of certain conditions, including . . . clearance in respect of the Acquisition from the Committee on Foreign Investment in the United States . . . .” (Id.) The sale is expected “to be completed in the first half of 2021.” (First Solar, Inc., Form 10-K, Feb. 26, 2021, SEC Filing.)
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