First Solar, Inc. (Nasdaq: FSLR) today announced that Swift Current
Energy, a Boston-headquartered developer, owner, and operator of
utility-scale clean energy assets has placed an order for 1.2
gigawatts (GW)DC of First Solar’s advanced, ultra-low carbon thin
film photovoltaic (PV) solar modules. The modules will be delivered
in 2023 and 2024.
Founded in 2016, Swift Current has
commercialized over 1 GW of renewable energy projects, including
utility-scale solar and wind. The company also has a growing
pipeline of over 6 GW of planned renewable assets across North
America.
“This is our largest procurement yet and
demonstrates our ongoing commitment to investing in renewable
energy to create a sustainable future,” said Eric Lammers, chief
executive officer, Swift Current Energy. “First Solar, with its
record of quality and sustainability, is a great match for our team
and will support our work to develop, construct and own
best-in-class renewable energy projects safely, on time and within
budget.”
"We pride ourselves on responsibly developing
high impact projects for our host communities and constructing
projects safely, taking a considerate approach every step of the
way,” said Matt Birchby, president, Swift Current Energy. “As a
renewable energy developer and a long-term owner, it’s essential
for Swift Current to have the highest-performing, safest and most
cost-effective products. We are excited to work with First Solar
and look forward to bringing our most significant solar projects to
date online.”
Designed and developed at its research and
development (R&D) centers in California and Ohio, First Solar’s
responsibly produced advanced thin film PV modules set industry
benchmarks for quality, durability, reliability, design, and
environmental performance. First Solar also operates an advanced
recycling program that recovers more than 90 percent of CadTel for
use in new modules.
“As US project developers look for reliable
module supply partners, we’re able to support their needs not only
with advanced technology that reliably performs in the field, but
also with our ability to provide long-term pricing and supply
commitments,” said Georges Antoun, chief commercial officer, First
Solar. “We’re proud that the team at Swift Current, with their
responsible approach to solar project development, chose to place
their trust in us and our technology. As America’s solar company,
we look forward to enabling their efforts to support our country’s
march towards sourcing 45% of its electricity from solar by 2050
with responsible solar technology that is designed and developed in
the United States.”
First Solar is investing $680 million in
expanding America’s domestic PV solar manufacturing capacity by 3.3
GW annually, by building its third US manufacturing facility, in
Lake Township, Ohio. The new facility is expected to be
commissioned in the first half of 2023 and when fully operational
will scale the company’s Northwest Ohio footprint to a total annual
capacity of 6 GW, which is believed to make it the largest fully
vertically integrated solar manufacturing complex outside of
China.
In addition to its Ohio manufacturing
facilities, First Solar also operates factories in Vietnam and
Malaysia, and is building a new 3.3 GW factory in India that is
expected to be commissioned in the second half of 2023. With First
Solar’s expansion in the United States and India and optimization
of its existing fleet, the company anticipates that its nameplate
manufacturing capacity will double to 16 GW by 2024.
About Swift Current EnergySwift
Current Energy acquires, develops, constructs, owns and operates
highly competitive, utility-scale wind, solar energy and battery
storage projects across the United States. Backed by Buckeye
Partners, L.P. and Nala Renewables, Swift Current has
commercialized 1.1 GW of renewable energy projects and has a
growing project pipeline with more than 6 GW across North America.
Swift Current Energy is headquartered in Boston, Massachusetts and
has offices in Illinois, Maine, Montana and Texas, USA.
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 InvestorsThis
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 1.2 GWDC
of solar modules by Swift Current Energy; (2) First Solar’s plans
to establish new factories in the United States and India and the
expected capacities of those factories; and (3) when those
factories are expected to be commissioned and First Solar’s
resulting Northwest Ohio and global manufacturing capacity. 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 and our
subsequently filed Quarterly Reports on Form 10-Q, as supplemented
by our other filings with the Securities and Exchange Commission.
MediaReuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.com |
InvestorsMitchell EnnisFirst
Solar Investor Relationsmitchell.ennis@firstsolar.com |
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Ally
CoppleInnovant PR for Swift Current Energy
Ally@innovantpr.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/72aa5bed-d548-498d-a65e-692060cbf992
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