First Solar Creates New Utility Systems Business

Tempe, Arizona-based photovoltaic panel manufacturer First Solar said today that it has formed a new business group to focus on utility systems. The firm said the group will address the large, scale, photovoltaic system solutions market, and will be headed by Jens Meyerhoff. Meyerhoff has been the firm's CFO since 2006. First Solar said the creation of the new unit comes pending completion of NextLight. That acquisition will give First Solar power purchase agreements (PPAs) for 2.2 gigawatts of utility-scale solar projects. As part of the creation of the new unit, it said it would begin a search for a new CFO to replace Meyerhoff, who will remain CFO of the firm until a replacement is found.