First Solar, Inc. has completed its acquisition of OptiSolar's photovoltaic project pipeline. First Solar expects to construct the solar power plants developed under the pipeline over the next several years and sell them to a combination of regulated utilities, diversified energy companies and other independent power producers.

In addition, the core development team responsible for assembling and executing on the solar project pipeline has joined the First Solar development team. First Solar acquired all of OptiSolar's project development business in an all-stock transaction valued at approximately $400 million. As a result of the closing today, First Solar will issue approximately 3 million shares of common stock representing a dilution of about 3.5 percent.