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.
Source: Clean Edge News