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UPDATE 1-First Solar, co-op to build 30 MW plant

* First Solar, power co-op to build 30 MW solar plant

* Project seen completed by end-2010

NEW YORK, March 24 (Reuters) - Thin-film solar maker First Solar Inc FSLR.O will build a 30-megawatt photovoltaic power plant with power cooperative Tri-State Generation and Transmission Association in Northeastern New Mexico, the companies said on Tuesday.

The project, to be called Cimarron I Solar Project, will be located on a 250-acre parcel of land in Colfax County and produce enough power to serve 9,000 homes. It is expected to be completed by the end of 2010.

The plant will consist of 500,000 photovoltaic modules, which turn sunlight into electricity, constructed by First Solar.

Financial terms of the project were not released, although Tri-State has contracted to purchase the electricity output for 25 years. (Reporting by Matt Daily; Editing by Derek Caney)

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