Scout Clean Energy announced today that it has signed an agreement
with First Solar, Inc. (Nasdaq: FSLR) to purchase 378 megawatts
(MW)DC of advanced, responsibly-produced thin film photovoltaic
(PV) solar modules.
Scout, a renewable energy developer and
owner-operator headquartered in Boulder, Colorado, is actively
developing a portfolio over 12,000 MW of solar PV, battery storage
and onshore wind projects spread across 21 US states. Scout is a
portfolio company of Quinbrook Infrastructure Partners. Scout plans
to use the First Solar modules to begin construction on several
late stage projects with start of operations expected in 2024.
“We’re excited to partner with First Solar as we
continue to develop and grow our portfolio of solar PV assets
across the US. This deal reflects our confidence not just in the
technology, but in First Solar itself,” said Michael Rucker,
founder and CEO of Scout Clean Energy. “Sourcing our modules
from a US based supply partner at this challenging time
solidifies our competitive advantage in meeting our customers
urgent timing needs for solar power to meet their decarbonization
goals. As we diversify Scout’s asset base and grow our solar
portfolio, we want to source our panels through partners that we
can trust to deliver with no compromise on quality, ethical
sourcing of raw materials and who is committed to ongoing
innovation. First Solar readily satisfies those critical criteria
for Scout.”
Designed and developed at its research and
development 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. The modules have the smallest carbon
footprint, fastest energy payback time, and lowest lifecycle water
footprint in the industry.
“Experienced developers like Scout Clean Energy
understand the criticality of both insulating themselves from
pricing and supply volatility, and staying true to their values and
principles,” said Adam Smith, vice president, Global Business
Development, First Solar. “They also recognize the value of
technological and supply diversity, and of a competitive product
that embodies sustainability and transparency. Together, these
factors are invaluable in helping them navigate some of the
headwinds that others in the industry struggle with.”
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 in the United
States. 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.
About Scout Clean Energy
Scout Clean Energy is a renewable energy
developer, owner-operator headquartered in Boulder, Colorado with
over 1,200 MW of operating assets. Scout is actively developing a
portfolio of over 12,000 MW of onshore wind, solar PV, and battery
storage projects across 21 US states. Scout has expertise in all
aspects of renewables project development, permitting, power
marketing, finance, construction, 24/7 operations, and asset
management. Scout is a portfolio company of Quinbrook
Infrastructure Partners. For more information, please visit
www.scoutcleanenergy.com.
About Quinbrook Infrastructure
PartnersQuinbrook Infrastructure Partners
(http://www.quinbrook.com) is a specialist investment manager
focused exclusively on renewables, storage and grid support
infrastructure and operational asset management in the US, UK, and
Australia. Quinbrook is led and managed by a senior team of power
industry professionals who have collectively invested c.USD 8.2
billion equity in energy infrastructure assets since the early
1990s, representing a total enterprise value of c.USD 28.7 billion
or 19.5 GW of power supply capacity. Quinbrook has completed a
diverse range of direct investments in both utility and distributed
scale onshore wind and solar power, battery storage, reserve
peaking capacity, biomass, fugitive methane recovery, hydro and
flexible energy management solutions in the US, UK, and
Australia.
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 378 MWDC of solar modules for Scout Clean 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.
CONTACT: Chad
Thompson901-331-0779Chad@scoutcleanenergy.com
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