First Solar Forms Utility Systems Business Group
The group will address the large-scale photovoltaic (PV) system solutions market and be headed by current CFO, Jens Meyerhoff.
First Solar has formed a utility systems business group to address the large-scale photovoltaic (PV) system solutions market. Jens Meyerhoff, 45, currently Chief Financial Officer (CFO) has been named president of the group.
"With the pending completion of First Solar's acquisition of NextLight, this part of our global business represents the next leg of growth for our industry and First Solar," said Rob Gillette, First Solar CEO.
"Jens brings significant financial, operations and market expertise to the utility systems business in order to provide our customers with a full PV system solution to their renewable energy needs. He will ensure an integrated, portfolio-based approach to project economics--from site selection and project development through to transmission access, power purchase agreement and project asset sale," added Gillette.
First Solar will have power purchase agreements for 2.2 gigawatts of utility-scale solar projects in North America when the NextLight acquisition closes, which is expected in the current quarter. In the near term, the systems business supports utility customers' achievement of renewable generation requirements at the lowest cost and shortest lead time to generation, while continuing to drive solar PV economics to levels comparable with fossil-fuel generation, enabling broader adoption of solar PV technology. To date, First Solar has built or has under construction 189 megawatts of utility systems projects in North America.
First Solar provides a range of offerings including module sales and turnkey solar projects as well as engineering, procurement and construction (EPC) and operations and maintenance services to its various customer segments.
Meyerhoff, who has served as First Solar's CFO since 2006, will remain in this position until a new CFO is appointed.