First Solar Secures Syndicated Financing Arranged by Mizuho Bank for Utility-Scale Solar Project in Ishikawa, Japan
February 21 2017 - 4:00PM
Business Wire
First Solar, Inc. (Nasdaq: FSLR) announced today that it has
obtained non-recourse project debt financing of approximately 27
billion yen (US$240 million) in a syndicated loan arranged by
Mizuho Bank Ltd. for a utility-scale solar project in Ishikawa
prefecture, Japan. This financing arrangement demonstrates First
Solar’s technology, project development, operations and
maintenance, and project financing capabilities for utility-scale
solar projects in Japan.
The Ishikawa Sogo Solar Power Plant, with a generation capacity
of 59.5 megawatt (MW)AC, will be one of the largest mega solar
projects in the Hokuriku region. Once complete, it is expected to
provide enough clean energy to serve the needs of around 17,500
average Japanese homes, displacing approximately 35,000 metric tons
of carbon dioxide per year.
First Solar is committed to the development of Japan’s
utility-scale solar industry. Together with the existing
construction loan of up to 4 billion yen (US$33 million) financed
by Mizuho Bank in Japan, First Solar is well positioned to develop,
construct and operate various utility-scale solar projects, and
provide integrated energy solutions that contribute to a safe and
reliable energy mix in Japan.
Solar power plays a significant role in Japan’s renewable energy
strategy and the availability of project debt financing will
further bolster utility-scale solar development to meet the unique
energy needs in Japan.
The Ishikawa Sogo Solar Power Plant is scheduled to commence
operation in late 2018.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced module and
system technology. The company’s integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar’s renewable energy
systems protect and enhance the environment. For more information
about First Solar, 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 statements, among other things, concerning: effects on our
financial statements and guidance resulting from certain module
manufacturing changes and associated restructuring activities; our
business strategy, including anticipated trends and developments in
and management plans for our business and the markets in which we
operate; future financial results, operating results, revenues,
gross margin, operating expenses, products, projected costs
(including estimated future module collection and recycling costs),
warranties, solar module efficiency and balance of systems cost
reduction roadmaps, restructuring, product reliability, investments
in unconsolidated affiliates and capital expenditures; our ability
to continue to reduce the cost per watt of our solar modules; our
ability to reduce the costs to construct PV solar power systems;
research and development programs and our ability to improve the
conversion efficiency of our solar modules; our ability to expand
manufacturing capacity worldwide; sales and marketing initiatives;
and competition. These forward-looking statements are often
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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. You
should not place undue reliance on these forward-looking
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forward-looking statements for any reason. These forward-looking
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expressed or implied by these statements. These factors include,
but are not limited to, the matters discussed in Item 1A: "Risk
Factors," of our most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and other filings with the Securities
and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20170221006523/en/
First Solar MediaBurson-MarstellerEiko Aiba, Akiko Nishimura+81
03-3264-6701Email: FirstSolarJP.PR@bm.comorFirst Solar
MediaJennifer Abbott+61 2 9002
7736Jennifer.Abbott@FIRSTSOLAR.COMorFirst Solar InvestorsStephen
Haymore+1 602-414-9315Stephen.Haymore@FIRSTSOLAR.COM
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