First Solar buys Turner Renewable Energy

Phoenix, Ariz.-based First Solar (Nasdaq: FSLR) grabbed Branchburg, N.J., solar installer Turner Renewable Energy for $34.3 million in cash and stock.

The deal marks a quick exit for media mogul Ted Turner, who invested in the company, then named DT Solar, in January.

Turner called solar "the greatest business opportunity in the history of humanity," at a conference in September (see Deals and dealmakers continue to shine in Long Beach).

Thin-film solar module maker First Solar said Turner Renewable Energy has designed and deployed commercial solar projects for utilities and Fortune 500 companies in the U.S. since 2004.

The installer will be getting another name change, operating as a wholly owned subsidiary of First Solar under the name First Solar Electric.

The deal marks the latest round of positive news from First Solar, which earlier this month saw its shares hit an all time high of $230 after it announced plans for a fourth manufacturing plant, posted better than expected third quarter earnings, and boosted its forecasts (see First Solar shares surge on earnings, expansion).

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