First Solar, Inc. (Nasdaq: FSLR) today announced that Akuo, a
Paris-headquartered independent global renewable energy producer
and developer, has placed an order for 500 megawatts (MW)DC of
responsibly-produced thin film photovoltaic (PV) solar modules.
Under the agreement, First Solar will supply 200 MWDC for a
utility-scale project developed by Akuo in the United States, with
delivery scheduled for the first half of 2024. The remaining
modules are expected to be delivered in 2025 and 2026, potentially
powering projects in Europe or other regions where Akuo is present.
Founded in 2007, Akuo is a leading renewable
energy developer with a presence in 15 countries, including the US,
Spain, Greece, and Portugal. The company ended 2021 with 1.4
gigawatts (GW) of assets in operation or under construction and a
project development pipeline of over 7 GW. The deal, which
leverages First Solar’s agile contracting approach, allows Akuo to
benefit from the evolution of First Solar’s advanced Cadmium
Telluride (CadTel) thin film module technology platform over the
span of the agreement.
“The solar industry operates against a backdrop
of volatility and uncertainty, and this agreement is part of a
broader effort to reduce the long-term supply risks of our global
portfolio to actually deliver our projects,” said Eric Scotto,
chief executive officer, Akuo. “First Solar’s ability to provide
supply chain traceability and its commitment to responsible
manufacturing was crucial to us. It leads the industry with its
long history of establishing benchmarks in supply chain
transparency and the low environmental footprint of its technology,
all of which reflects our shared value of responsible business
practices. As a European player, we are strongly committed to these
values echoing our ambition for the planet.”
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
high-value recycling program, which recovers approximately 90
percent of Cadmium Telluride (CadTel) semiconductor material which
can be used to manufacture new modules, as well as other materials
including aluminum, glass, and laminates. The company currently
operates commercial recycling facilities in the US, Germany,
Malaysia, and Vietnam. Additionally, First Solar is the only
company among the ten largest solar manufacturers globally 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.
“We’re pleased to welcome Akuo to a growing
number of long-term strategic partnerships with experienced global
developers that have placed their trust in First Solar and our
technology,” said Georges Antoun, chief commercial officer, First
Solar. “Developers in Europe are recognizing the risks associated
with having a geographically concentrated solar supply chain and
are electing to take a long-term approach to supply diversity and
security by working with us. Our differentiation rests as much on
our ability to help our customers navigate volatility and
uncertainty as our technology.”
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 15,000 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.
About AkuoAkuo is an
independent global renewable energy producer and developer. The
company is present across the entire value chain, including
project development, financing, construction, and operation. Akuo
had invested more than EUR 2.8 billion as of end 2021 and currently
has a total capacity of 1.4 GW in operation or under construction
and 7 GW of projects under development. With more than 450
employees, the Group, headquartered in Paris, France, has a
presence in more than 15 countries around the world. For more
information, please visit www.akuoenergy.com/en
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 500 MWDC
of solar modules by Akuo; and (2) First Solar’s plans to establish
new factories in the United States and India, the expected
capacities of those factories; and First Solar’s resulting 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.
ContactsFirst Solar Mediamedia@firstsolar.com |
First Solar Investor Relationsinvestor@firstsolar.com |
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Akuo MediaJérôme
Chossonchosson@akuoenergy.com |
Akuo Investor
RelationsJoëlle Bassilbassil@akuoenergy.com |
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