Responsibly produced ultra-low carbon solar modules to power
projects in US and Spain
First Solar, Inc. (NASDAQ: FSLR) and Matrix Renewables
(“Matrix”) today announced that Matrix, the TPG Rise-backed global
renewable energy platform, has entered into a framework agreement
to procure approximately 2.1 gigawatts (GWDC) of advanced thin film
modules. The modules, which will be delivered between 2024 and
2027, will power Matrix projects in the United States and Spain.
This marks Matrix’s first order for First Solar’s responsibly
produced ultra-low carbon photovoltaic (PV) technology.
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First Solar and Matrix Renewables today
announced a framework agreement to procure approximately 2.1
gigawatts of advanced thin film modules. The modules, which will be
delivered between 2024 and 2027, will power Matrix projects in the
United States and Spain. This marks Matrix’s first order for First
Solar’s responsibly produced ultra-low carbon photovoltaic
technology. (Photo: Business Wire)
Across the US, Matrix owns more than 6 GW of projects in various
stages of development across four different regions (CAISO, MISO,
ERCOT and WECC) and continues to expand its pipeline and team to
capitalize on the large demand for renewable energy in the US.
Globally, including Matrix’s presence in Spain, Italy, and Chile,
Matrix’s footprint already surpasses 13 GW of solar power, battery
storage and green hydrogen projects.
“As a purpose-driven company, and as part of our supply chain
strategy of partnering with technology market leaders, we are
thrilled to be working with First Solar to supply our projects in
the US market, and a number of our Spanish projects, with
responsibly produced ultra-low carbon PV modules and setting the
bar for environmental, social, and governance standards in solar
manufacturing and sourcing,” said Luis Sabate, President at Matrix.
“With this deal, we’re getting access to solar technology without
compromising on competitiveness or performance. We are proud of the
role that our procurement standards play in driving change in the
industry value chain, and the size of this deal demonstrates the
strength of our commitment.”
First Solar’s responsibly produced,
advanced thin film photovoltaic (PV) modules set industry
benchmarks for quality, durability, reliability, design, and
environmental performance. First Solar’s solar modules have the
lowest carbon and water footprint of any commercially available PV
module today, and it’s the first PV manufacturer to have its
product included in the Electronic Product Environmental Assessment
Tool (EPEAT) global registry for sustainable electronics.
First Solar’s differentiated thin film semiconductor, integrated
manufacturing process and tightly controlled supply chain helps
eliminate the risk of exposure to solar supply chains identified by
the US Department of Labor’s 2022 List of Goods Produced by Child
Labor or Forced Labor as being tainted by forced labor. The company
is the only one of the world’s ten largest solar manufacturers to
be a member of the Responsible Business Alliance (RBA), the world’s
largest industry coalition dedicated to supporting the rights and
well-being of workers and communities in the global supply chain,
and the company has zero tolerance for forced labor in its
manufacturing or its supply chains.
“Matrix is the latest in a number of large IPPs, in the US and
internationally, that are choosing to partner with First Solar not
just on the strength of our technology and competitiveness, but
also because we share the same values,” said Georges Antoun, chief
commercial officer, First Solar. “This latest order underscores our
belief that a growing number of developers are recognizing the
value of Responsible Solar and of working with a partner that
delivers on its commitments. We thank Matrix for its trust and look
forward to growing this relationship.”
First Solar is investing approximately $1.3 billion in expanding
its US manufacturing footprint from over 6.5 gigawatts (GWDC) of
annual nameplate capacity currently, to approximately 10.9 GWDC by
2026. In addition to the $1.1 billion expected investment in a new
3.5 GWDC facility in Alabama, the company has also embarked on a
$185 million expansion of its existing manufacturing footprint in
Ohio. First Solar, the largest solar manufacturer in the Western
Hemisphere, also announced an investment of up to $370 million for
a dedicated research and development (R&D) innovation center in
Perrysburg, Ohio, which is expected to be completed in 2024.
About Matrix Renewables
Matrix Renewables is a renewable energy platform created and
backed by global alternative asset manager TPG and its $17 billion
impact-investing platform TPG Rise. Matrix Renewables’ current
portfolio is comprised of 13 GW in renewable energy and storage
projects in Europe, the United States, and Latin America. For more
information, visit www.matrixrenewables.com or send an email to
info@matrixrenewables.com
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
photovoltaic (PV) modules represent the next generation of solar
technologies, providing a competitive, high-performance,
lower-carbon alternative to conventional crystalline silicon PV
panels. 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 release contains 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 1) an order
for approximately 2.1 GWDC of solar modules by Matrix Renewables;
2) the expectation that the modules will be delivered between 2024
and 2027; 3) First Solar’s plan to invest approximately $1.1
billion in building a fourth factory in Alabama, $185 million on
expanding the capacity of its existing manufacturing footprint in
Ohio, and $370 million in a new R&D innovation center in Ohio;
and 4) First Solar’s expectation that its annual US nameplate
manufacturing capacity will expand to 10.6 GW 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 our current expectations and our
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. We undertake 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 our 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, as
supplemented by our other filings with the Securities and Exchange
Commission.
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Media Reuven Proença First Solar Media
media@firstsolar.com
Matrix Renewables media@matrixrenewables.com
Investors Robyn Remes First Solar Investor
Relations investor@firstsolar.com
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