First Solar (Nasdaq: FSLR) has acquired from K Road Power Holdings LLC the 250-MW (AC) photovoltaic Moapa Solar Project in Nevada, the companies said Sept. 26.
The Moapa project, located on the Moapa River Indian Reservation in Clark County, northeast of Las Vegas, Nev., is the first large-scale solar project approved to be built on tribal land in North America. The project is in an advanced stage of development and has a 25-year power purchase agreement with the Los Angeles Department of Water and Power.
Construction of the project, situated within a 2,000-acre segment of the Moapa Band of Paiutes tribal land, could start as soon as the fourth quarter of 2013, and be completed by the end of 2015. First Solar will design and build the project, using its Cadmium Telluride (CdTe) thin film solar modules.
“First Solar is proud to participate in this landmark project on lands where it can benefit the economic development of the Moapa Paiute tribe and serve clean energy to the City of Los Angeles,” said First Solar CEO Jim Hughes.
“K Road is pleased to announce the launch of this pioneering project, and grateful for the stalwart support of our key partners and stakeholders, the Moapa Tribe, the federal and state agencies, and the IBEW. These folks have played an invaluable role in helping bring this novel project to the eve of construction,” said William Kriegel, K Road’s CEO.
K Road Power is an independent power developer focused on developing, financing, owning and operating utility-scale solar projects. Founded and led by Kriegel, K Road’s senior management is made up of long-time power sector professionals from Sithe Energies, AES Corp., Barclays, and Goldman Sachs. K Road has offices in New York City and San Francisco.
First Solar is a leading global provider of comprehensive photovoltaic 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.
