EDF Renewable Energy (EDF RE) today announced the acquisition of
the 179 megawatt AC (MWac) Switch Station 1 and Switch Station 2
Solar Projects from First Solar, Inc. (NASDAQ: FSLR) in late June.
The projects, currently under construction, will sell their
combined output and environmental attributes under three Power
Purchase Agreements to subsidiaries of NV Energy, Inc. (Nevada
Power Company d/b/a NV Energy and Sierra Pacific Power Company
d/b/a NV Energy); Commercial Operation Dates (COD) for the two
projects are scheduled for late July 2017 and late September 2017,
respectively.
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Switch Station 1 and Switch Station 2
Solar Projects in Nevada (Photo: Business Wire)
Located in Clark County, Nevada on land managed by the US Bureau
of Land Management (BLM) in the Dry Lake Solar Energy Zone (SEZ),
the projects are comprised of First Solar modules on horizontal
single-axis trackers. The expected electricity generated at full
capacity is enough to meet the consumption of approximately 46,000
Nevada homes. This is equivalent to avoiding more than 265,000
metric tons of CO₂ emissions annually1 which represents the
greenhouse gas emissions from 52,000 passenger vehicles driven over
the course of one year.
“The acquisition of Switch Station 1 and Switch Station 2 marks
EDF RE’s entry into Nevada, a state with world-class solar
resources where we plan to build additional projects in the coming
years,” commented Ryan Pfaff, Executive Vice President of EDF
Renewable Energy. “We are pleased to be working with First Solar,
one of our key solar partners, to deliver affordable, reliable
solar energy to NV Energy and its customers.”
“This is an exciting development in our long-standing
relationship with EDF,” said Richard Romero, First Solar Vice
President of Treasury and Project Finance. “There is great value in
our shared ability to creatively structure a deal that meets both
partners’ needs.”
EDF Renewable Energy is one of the largest renewable energy
developers in North America with 9 gigawatts of wind, solar,
biomass, and biogas projects developed throughout the U.S., Canada,
and Mexico.
1 According to US EPA Greenhouse Gas Equivalencies
calculations.
About EDF Renewable Energy:
EDF Renewable Energy is a leading US independent power
producer with 30 years of expertise in the renewable industry,
covering all range of services from project origination,
development, sales and marketing, to long-term asset management.
EDF Renewable Energy specializes in wind and solar
photovoltaic with presence in other segments of the renewable
energy market: storage, biogas, biomass, hydro, and marine energy.
EDF Renewable Energy’s North American portfolio consists of 9
gigawatts of developed projects with 4.4 gigawatts of installed
capacity throughout the US, Canada, and Mexico. The operations and
maintenance subsidiary, EDF Renewable Services, operates 10 GW
throughout North America. EDF Renewable Energy is a subsidiary
of EDF Energies Nouvelles. EDF Energies Nouvelles is the
renewable energy arm of the EDF group, the leading electricity
company in the world. For more information visit:
www.edf-re.com.
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 technology and 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
expand manufacturing capacity worldwide; 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; sales and marketing initiatives; and
competition. 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. 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. 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 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/20170713006265/en/
EDF Renewable EnergySandi Briner,
858-521-3525Sandi.Briner@edf-re.comorFirst Solar, Inc.Steve
Krum, 602-427-3359Steve.Krum@firstsolar.com
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