(Updates with closing share price in last paragraph.)
Oct. 16 (Bloomberg) -- First Solar Inc., the largest builder of solar power plants in the U.S., agreed to construct a 250-megawatt plant in California for NextEra Energy Inc.
The McCoy project will be built on about 2,300 acres of mostly federal land in Riverside County and is near the Desert Sunlight solar farm, another project being built by Tempe, Arizona-based First Solar, the company said in a statement today. Terms of the deal weren’t disclosed.
Construction is expected to begin late next year and be completed in late 2016. The plant’s output will be supplied to Edison International’s Southern California Edison utility under a long-term contract, Steven Stengel, a spokesman for Juno Beach, Florida-based NextEra, said in an e-mail.
Steve Krum, a First Solar spokesman, didn’t immediately respond to an e-mail and phone message.
First Solar rose 4.6 percent to $45.76 at the close in New York. The shares have increased 48 percent this year.
--Editors: Jasmina Kelemen, Stephen Cunningham