Facility is India’s first fully vertically
integrated solar manufacturing plant
First Solar, Inc. (Nasdaq: FSLR) today inaugurated its new
facility in Tamil Nadu, India, the country’s first fully vertically
integrated solar manufacturing plant. The Minister for Industries,
Promotions and Commerce of the Government of Tamil Nadu, Dr T R B
Rajaa inaugurated the facility in a ceremony attended by the United
States Ambassador to India, Eric Garcetti, and Scott Nathan, Chief
Executive Officer of the US International Development Finance
Corporation (DFC).
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First Solar inaugurated its new facility
in Tamil Nadu, India, the country’s first fully vertically
integrated solar manufacturing plant. The Minister for Industries,
Promotions and Commerce of the Government of Tamil Nadu, Dr T R B
Rajaa, the United States Ambassador to India, Eric Garcetti, and
Scott Nathan, Chief Executive Officer of the US International
Development Finance Corporation (DFC) inaugurated the facility at a
ceremony today. (Photo: Business Wire)
“We are pleased that First Solar chose Tamil Nadu for this
landmark investment, solidifying our state’s position as India’s
hub for manufacturing,” said Dr T R B Rajaa. “This factory sets a
high bar for sustainability and advanced manufacturing and has
created high-value jobs as a result of its presence in our state,
all while supporting India’s ambition to become self-sufficient in
solar technology.”
The facility, which has an annual nameplate capacity of 3.3
gigawatts (GW) and directly employs approximately 1,000 people,
produces First Solar’s Series 7 photovoltaic (PV) solar modules,
which were developed at the company’s research and development
centers in the US and optimized for the Indian market. First Solar
is unique among the world’s largest solar manufacturers for being
the only US-headquartered company. The company’s tellurium-based
semiconductor, which allows it to avoid dependence on Chinese
crystalline silicon supply chains, is the second most common
photovoltaic technology available today.
Ambassador Eric Garcetti said, “One month ago in Dubai, COP28
participants issued a bold call for the world to transition away
from fossil fuels, to achieve net-zero emissions by 2050. This
First Solar production facility will help advance our global
transition to cleaner, greener energy, and stands as a shining
example of what can be achieved when the United States and India
work together – across government and private sectors – to achieve
lasting climate action.”
Representing an investment of approximately $700 million, which
includes $500 million in previously announced DFC financing, the
facility is First Solar’s sixth operational factory and expands the
company’s global manufacturing footprint to four countries,
including the US, Malaysia, and Vietnam.
“The United States is leveraging American innovation and
technology to diversify critical energy supply chains around the
world and drive economic growth in India,” said DFC CEO, Scott
Nathan. “That’s good for the United States and it’s good for India.
This $500 million in financing reflects the increasing strength of
our partnership with India – DFC’s largest market and a like-minded
partner with a dynamic private sector.”
Since the start of this decade, First Solar has embarked on a
$4.1 billion manufacturing expansion strategy that has seen it grow
from approximately 6 GW operational in 2020 to over 16 GW global
nameplate capacity at the end of 2023. In addition to its India
facility, the company also commissioned its third US factory,
located in Ohio, in 2023. The company is further growing its
footprint in the US with a 0.9 GW expansion of its Ohio
manufacturing complex and new factories in the states of Alabama
and Louisiana, which are each expected to add 3.5 GW of annual
nameplate capacity, once commissioned and ramped. The company
expects to have 25 GW of global annual nameplate capacity by
2026.
“The inauguration of this landmark manufacturing facility and
the launch of commercial shipments to customers in India is a
crucial milestone in our journey to long-term and sustainable
growth,” said Mark Widmar, CEO, First Solar. “The speed with which
we were able to build and commission this facility is a testament
to the policies of India’s Federal and the Tamil Nadu state
governments.”
Widmar added, “We are proud of our associates who worked
tirelessly to replicate and adapt our advanced solar manufacturing
template for India. Thanks to their work, our newest facility
doesn’t just set standards for our global manufacturing footprint,
but for our industry.”
The factory, which is located in an area of high baseline water
stress, is believed to be the world’s first net-zero water
withdrawal solar manufacturing facility. Designed to minimize its
impact on local water resources, the facility will rely entirely on
tertiary treated reverse osmosis water from the city's sewage
treatment plant and have zero wastewater discharge. Additionally,
the factory is home to India’s first solar PV recycling plant. The
company pioneered high value solar recycling, which provides
closed-loop semiconductor recovery for use in new modules, while
also recovering other materials including aluminum, glass, and
laminates.
The Series 7 module produced by the new facility is the
industry’s most eco-efficient with a carbon and water footprint
that is approximately four times lower than crystalline silicon
solar panels produced in China. The company’s sustainable
manufacturing approach uses 50% less energy and only a third of the
water than an equivalent polysilicon module production facility
would require.
About First Solar, Inc.
First Solar is a leading American solar technology company and
global provider of responsibly produced eco-efficient solar modules
advancing the fight against climate change. Developed at R&D
labs in California and Ohio, the company’s advanced thin film PV
modules represent the next generation of solar technologies,
providing a competitive, high-performance, lower-carbon alternative
to conventional crystalline silicon PV modules. From raw material
sourcing and manufacturing through end-of-life module recycling,
First Solar’s approach to technology embodies sustainability and a
responsibility towards people and the planet. For more information,
please visit www.firstsolar.com.
For First Solar Investors
This press release contains various “forward-looking statements”
which are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, statements concerning
First Solar’s expectation to have 25 GW of annual nameplate
capacity by 2026. These forward-looking statements are often
characterized by the use of words such as “estimate,” “expect,”
“anticipate,” “project,” “plan,” “intend,” “seek,” “believe,”
“forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,”
“might,” “will,” “could,” “predict,” “continue” and the negative or
plural of these words and other comparable terminology.
Forward-looking statements are only predictions based on First
Solar’s current expectations and First Solar’s projections about
future events and therefore speak only as of the date of this
release. You should not place undue reliance on these
forward-looking statements. First Solar undertakes no obligation to
update any of these forward-looking statements for any reason,
whether as a result of new information, future developments or
otherwise. These forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause
First Solar’s actual results, levels of activity, performance, or
achievements to differ materially from those expressed or implied
by these statements. These factors include, but are not limited to,
the matters discussed under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” of our most recent Annual Report on Form
10-K and our subsequently filed Quarterly Reports on Form 10-Q, as
supplemented by our other filings with the Securities and Exchange
Commission.
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Media Reuven Proença
First Solar Media reuven.proenca@firstsolar.com
Investors Richard
Romero First Solar Investor Relations
investor@firstsolar.com
First Solar (NASDAQ:FSLR)
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