First Solar (NASDAQ:FSLR) has unloaded three power plants north of the border. The company announced that it has sold the trio -- Amherstburg, Belmont, and Walpole -- to ABW Partnership, an alliance of General Electric (NYSE:GE) subsidiary GE Energy Financial Services and Canada's Alterra Power. The terms of the deal were not made public.
It is the first project transaction between First Solar and GE since their solar technology and commercial partnership was announced Aug. 6.
The three plants produce a combined total of roughly 50 megawatts of electricity. They are expected to provide enough "clean" power to supply roughly 6,300 homes in the area. According to First Solar, that will relieve the environment of approximately 14,600 tons of carbon dioxide annually.
The power produced by the trio will be sold to Ontario Power Authority in 20-year purchase agreements.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of General Electric. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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