First Solar Sells California Flats Project to Capital Dynamics
August 22 2017 - 8:00AM
Business Wire
Phase I commissioning expected Q4 2017, Phase II commissioning
expected Q4 2018
First Solar, Inc. (Nasdaq: FSLR) today announced it has
completed the sale of the 280 Megawatt (MW)AC California Flats
Solar Project in Monterey County, Calif., to global private asset
manager Capital Dynamics. Terms of the deal were not disclosed.
Located on approximately 2,900 acres of ranch land within the
Jack Ranch owned by the Hearst Corporation near the San Luis Obispo
and Monterey County borders, California Flats comprises two phases.
The 130MW first phase is expected to be commissioned in the fourth
quarter of 2017, and is fully contracted under a long-term Power
Purchase Agreement (PPA). The 150MW second phase, which is
currently under construction, is expected to be commissioned by the
end of 2018, and is fully contracted under a long-term PPA.
“We are very excited to have completed another important
transaction with First Solar. Our Clean Energy Infrastructure (CEI)
team now owns three of the 10 largest solar projects in North
America and has over 3 GW of projects operating or under
construction,” said John Breckenridge, Head of Capital Dynamics
Clean Energy Infrastructure. “As an investor focused on clean
energy projects, we expect to continue to actively grow that
portfolio in the immediate future.”
”We are proud to continue our support of Capital Dynamics
renewable energy strategy,” said Georges Antoun, First Solar’s
Chief Commercial Officer. “The California Flats project includes an
exciting mix of utility and corporate renewable energy procurement.
First Solar’s technology ensures both end user groups will receive
reliable, clean renewable energy.”
Earlier this year, Capital Dynamics acquired cash equity in the
Moapa Southern Paiute Solar Project in Nevada, which First Solar
developed and constructed.
By using renewable energy from the sun, the California Flats
Solar Project will generate enough clean solar energy to serve the
equivalent needs of about 100,000 average homes per year,
displacing more than 109,000 metric tons of carbon dioxide (CO2)
annually based on the PG&E grid – the equivalent of taking
about 22,000 cars off the road. The project will also displace over
152,000 metric tons of water consumption annually based on the
average California grid.
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. www.firstsolar.com
About Capital Dynamics’ Clean Energy Infrastructure
team
Capital Dynamics’ Clean Energy Infrastructure (“CEI”) team holds
extensive expertise in investing, financing, owning and operating
conventional and clean energy businesses globally. Established to
capture attractive investment opportunities in this class of real
assets, Capital Dynamics’ CEI mandate is to invest directly in
proven clean energy technologies – such as solar, wind, biomass,
conventional gas generation and waste gas-fueled power generation –
across the globe. Since the establishment of Capital Dynamics’ CEI
business, the CEI team has acquired, built and now manages nearly
2,400 MW of clean energy capacity in North America and Europe.
The information contained in this press release is not to be
considered investment advice and shall not constitute an offer to
sell or a solicitation of an offer to purchase securities or enter
into any agreement with Capital Dynamics.
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; the
impact of public policies, such as tariffs or other trade remedies
imposed on solar cells and 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 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/20170822005263/en/
Capital Dynamicscommunication@capdyn.comorFirst Solar MediaSteve
Krum+1 602-427-3359steve.krum@firstsolar.comorFirst Solar
InvestorsStephen Haymore+1
602-414-9315stephen.haymore@firstsolar.com
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