First Solar, Inc. (Nasdaq: FSLR) today announced that it has signed
a master supply agreement (MSA) to supply 4 gigawatts (GW)DC of
advanced, responsibly-produced thin film photovoltaic (PV) solar
modules to Silicon Ranch, one of the nation’s largest independent
power producers. The deal, one of First Solar’s largest, will see
Silicon Ranch’s projects in the United States receive modules from
2023 to 2025. Silicon Ranch will benefit from the evolution of
First Solar’s advanced Cadmium Telluride (CadTel) thin film module
technology platform over the span of the agreement.
This significant agreement represents the latest
milestone in the relationship between two best-in-class solar
businesses, advancing the US energy transition while supporting
American solar manufacturing growth. The growing strategic
partnership began in 2015 when Silicon Ranch contracted with First
Solar to supply the modules for its Aerojet Rocketdyne Solar Farm
in Arkansas, the state’s first utility-scale solar project. The
partnership between these industry leaders has grown substantially
across the US since then, with over 30 projects totaling more than
1 GW.
“Silicon Ranch’s business model of long-term
asset ownership demands that we emphasize best-in-class strategic
partners and requires us to consider the future in every action we
take, from the modules we buy all the way through to how we manage
the land we occupy,” said Reagan Farr, co-founder and chief
executive officer, Silicon Ranch. “Our customers care about the
carbon impact of their procurement choices, and so do we at Silicon
Ranch. We are already proving that we can sequester carbon on our
sites through our Regenerative Energy® model of land management,
and this partnership with First Solar enables us to improve the
carbon footprint of our module supply, while also supporting
additional investment in US manufacturing capabilities. We have
grown our business at Silicon Ranch through our faith in the power
of collaborative partnerships, and we are thrilled to expand our
relationship with First Solar as we accelerate our growth strategy
across the country.”
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. Under the agreement, end-of-life CadTel
modules from Silicon Ranch projects can be processed by First
Solar’s advanced high value recycling program, which recovers
approximately 90 percent of CadTel material which can be used to
manufacture new modules, as well as other materials including
aluminum, glass, and laminates. Additionally, the recycled glass
can be converted into useful glass products for beneficial use,
while laminates can be processed into rubber products including
shoe soles and bicycle handles. First Solar currently operates
commercial recycling facilities in the US, Germany, Malaysia, and
Vietnam.
“Since the beginning of our relationship, it has
been clear that Silicon Ranch recognizes the value of taking a
long-term view on procuring solar technology,” said Georges Antoun,
chief commercial officer, First Solar. “Long-term module supply
agreements with a trusted partner provide a vital hedge against the
pricing and supply uncertainties that have impacted the solar
industry over the past few years. And with First Solar’s agile
contracting strategy, Silicon Ranch will have the added benefit of
access to our best-in-class PV technologies as they continue to
evolve. First Solar is pleased to strengthen our relationship with
Silicon Ranch through this agreement.”
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.
First Solar has invested over $2 billion in its US manufacturing
footprint and, when its third factory is fully operational, will
directly employ over 2,500 people in Ohio, while supporting an
estimated 7,000 indirect jobs through its American supply
chain.
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 in 2024. First Solar is
the only US-headquartered company among the world’s ten largest
solar manufacturers.
Nashville-based Silicon Ranch pioneered
utility-scale solar in the Southeast with the first large-scale
solar projects in Tennessee, Georgia, Mississippi, Arkansas, and
Kentucky. The company has successfully commissioned every project
it has contracted since its inception and has further distinguished
itself through its commitment to own and operate each project in
its portfolio for the long term. Today Silicon Ranch owns,
operates, and maintains more than 150 solar generating facilities
in 15 states from New York to California. Earlier this year,
Silicon Ranch completed a $775 million equity raise led by Manulife
Investment Management.
About Silicon Ranch
CorporationFounded in 2011, Silicon Ranch is a fully
integrated provider of customized renewable energy, carbon, and
battery storage solutions for a diverse set of partners across
North America. The company is one of the largest independent power
producers in the country, with a portfolio that includes more than
four gigawatts of solar and battery storage systems that are
contracted, under construction, or operating across the U.S. and
Canada. Silicon Ranch owns and operates every project in its
portfolio and has maintained an unblemished track record of project
execution, having successfully commissioned every project it has
contracted in its history. In recognition of its holistic approach
to land management, which the company has trademarked Regenerative
Energy®, Silicon Ranch was named 2020’s “Most Forward-Thinking”
company by Solar Power World. To learn more, visit siliconranch.com
and regenerativeenergy.org and follow on Facebook, Instagram,
Twitter, and LinkedIn.
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 4 GWDC
of solar modules for Silicon Ranch Corporation; (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 |
InvestorsMitch EnnisFirst Solar
Investor Relationsmitchell.ennis@firstsolar.com |
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Katie Jacobs
Quarter Horse PR for Silicon Ranchkatie@qh-pr.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a77dffe-b885-4a8b-a7f8-0cdbefc0f2a4
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