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First Solar acquires Turner Renewable Energy for $34.3M in cash, stock


Published : Fri, 30 Nov 2007 23:00
By : Agencies
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SAN FRANCISCO (Thomson Financial) - First Solar Inc. after Friday' closing bell said it has acquired Turner Renewable Energy LLC for $34.3 million in cash and First Solar stock.

The company will operate as a subsidiary of First Solar under the name First Solar Electric LLC.

Turner Renewable Energy has operated under the name DT Solar, a Turner

Renewable Energy company, since January, when entrepreneur Ted Turner invested in the company, First Solar said. DT Solar designs and deploys commercial solar projects for utilities and companies.

Shares of Phoenix-based First Solar, a maker of solar electric power modules, closed the regular session down $1.03 at $237.15.

Katherine Hunt

kh/kh

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Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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