First Solar Announces Acquisition of Turner Renewable Energy
Posted on: Friday, 30 November 2007, 18:00 CST
PHOENIX, Nov. 30, 2007 (PRIME NEWSWIRE) -- First Solar, Inc. (Nasdaq:FSLR) announced that it has acquired Turner Renewable Energy, LLC for a purchase price of approximately $34.3 million paid in a combination of common stock of First Solar, Inc. and cash. The company will operate as a wholly owned subsidiary of First Solar, Inc. under the name First Solar Electric, LLC.
Turner Renewable Energy, LLC has operated under the name DT Solar, a Turner Renewable Energy Company, since January 2007 when entrepreneur and philanthropist Ted Turner invested in the company. DT Solar has designed and deployed commercial solar projects for utilities and Fortune 500 companies in the U.S. since 2004. The acquisition brings to First Solar a team of people experienced in the development of independent power projects, marketing of energy, and operation of commercial power plants in the United States.
About First Solar
First Solar, Inc. (Nasdaq:FSLR) manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions and peak time grid constraints. For more information about First Solar, please visit www.firstsolar.com.
The First Solar, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3052
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
This news release was distributed by PrimeNewswire, www.primenewswire.com
CONTACT: First Solar, Inc. Media Inquiries: Lisa Morse (602) 414-9361 lmorse@firstsolar.com
Source: PrimeNewswire
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