NextEra Energy Resources to Purchase Canadian Solar Projects from First Solar

NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE) announced it will purchase four solar photovoltaic (PV) projects in Ontario, Canada from First Solar, Inc. (Nasdaq: FSLR).

The total capacity of the projects is 40 megawatts (MW). Financial terms were not disclosed.

First Solar will continue developing and will construct the projects. Once operational, NextEra Energy Resources’ Canadian subsidiary, NextEra Energy Canada, will own and operate all four projects. All of the power from the solar projects will be sold to the Ontario Power Authority under long-term contracts.

The solar power plants will be the first in Canada for NextEra Energy Resources.

The Sombra and Moore Solar Energy Centers, located in Sombra and Moore Townships, Ontario, will each utilize thin film technology on a fixed tilt system. Each Center consists of two 10 MW arrarys totaling more than 172,000 panels. The Sombra and Moore Solar Energy Centers will provide enough power to serve about 6,440 homes.

Pending the necessary government approvals, construction on all four projects is expected to begin in 1Q11 with commercial operation expected by the end of 2011.

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