US-headquartered First Solar, Inc. (Nasdaq: FSLR) announced that it
has entered into an agreement to supply 2.4 gigawatts (GW)DC of its
high-performance, advanced thin film photovoltaic (PV) solar
modules to Intersect Power, LLC (“Intersect Power”). The modules
are scheduled to be delivered from 2024 to 2026, making Intersect
Power, which previously placed orders for a total of 4.1 GWDC, in
2019 and 2021, one of the world’s largest buyers and operators of
First Solar’s responsibly-produced module technology with
approximately 6.4 GWDC expected to be deployed by 2027.
The modules will be deployed in Intersect
Power’s solar, storage, and green hydrogen projects coming online
across the United States in 2025 through 2027. A large proportion
of the modules are expected to be produced in First Solar’s
Northwest Ohio manufacturing complex.
“Intersect Power’s ongoing relationship with
First Solar has been critical in rapidly scaling our business to
meet our vision and reliably delivering our customers value and
performance to support their decarbonization goals,” said Sheldon
Kimber, chief executive officer, Intersect Power. “We look forward
to bringing this large-scale portfolio to operation, and creating
good-paying, American jobs in both construction and manufacturing
with First Solar’s domestically-produced modules.”
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. The modules have a carbon footprint that
is 2.5 times lower and a water footprint that is three times lower
than the average crystalline silicon solar panel made with cells
produced in China. 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.
“Intersect Power sets an important example by
maximizing the impact of its investments on the US economy without
compromising on competitiveness,” said Georges Antoun, chief
commercial officer, First Solar. “By powering its growth with
American solar, Intersect Power is directly supporting US
manufacturing and jobs and enabling a durable domestic supply
chain. It is also demonstrating the ability of American solar
technology not just to compete, but to help drive our country’s
transition to a sustainable energy future.”
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 Intersect PowerIntersect
Power is a clean energy company bringing innovative and scalable
low-carbon solutions to its customers in retail and wholesale
energy markets. The Company develops some of the world’s largest
clean energy resources providing low-carbon electricity, fuels, and
related products to customers across North America. Intersect Power
has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes
a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located
storage that will be in operation by 2023. The Intersect team is
also planning nearly 1 GW of green hydrogen production. To learn
more about Intersect Power, visit www.intersectpower.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 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 2.4 GWDC
of solar modules by Intersect Power; (2) the expectation that
Intersect Power will be one of the largest buyers and operators of
First Solar technology by 2027; and (3) 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.
MediaReuven ProençaFirst Solar
Mediamedia@firstsolar.comCate PowersIntersect
Powercate@intersectpower.com |
InvestorsRichard RomeroFirst
Solar Investor Relationsinvestor@firstsolar.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f892eec4-d20d-4a04-9ae3-8bcbbe9359d4
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