First Solar and Belectric sign Joint Venture - HSCie GmbH • Hübner Schlösser & Cie

We advised First Solar

HSCie Client

First Solar Inc., Tempe, Arizona, USA
First Solar Inc. designs and manufactures solar modules using a proprietary thin film semiconductor technology that is one of the lowest cost in the world. With over 8 gigawatts (GW) installed worldwide and revenues of USD 3.6 billion, First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems. It has developed, financed, engineered, constructed, and currently operates many of the world’s largest grid-connected PV power plants in existence.

Transaction Partner

Belectric Holding GmbH
BELECTRIC is one of the world’s most successful companies in the development and construction of ground-mounted solar power plants and photovoltaic roof systems. BELECTRIC is represented in more than 20 countries and has about 1,750 employees. More than 100 active patents are a testament to BELECTRIC’s innovative spirit. In addition to solar power generation, BELECTRIC Drive® concentrates on the combination of photovoltaics and electromobility.

Transaction

PV Projects GmbH & Co. KG
First Solar and Belectric formed the joint venture company PV Projects GmbH & Co. KG to realize solar energy projects on three continents. Under the terms of the JV – which is subject to approval from the relevant governmental merger control authorities – First Solar will supply its advanced thin-film modules, selected components such as the First Solar Tracker and value-added services; while BELECTRIC will provide its advanced Balance of Systems (BoS) and a range of service capabilities. Both companies’ engineering, procurement and construction (EPC) contributions will vary by project and geography. The JV’s emphasis on the sub-20MW segment in the United States will include BELECTRIC’s existing 280MW pipeline in the country, along with other opportunities. The non-exclusive agreement will also allow both companies to independently and competitively pursue development prospects and corresponding EPC work.