NEW YORK and TEMPE, Ariz., May 28,
2019 /PRNewswire/ -- Capital Dynamics, an independent global
private asset management firm, and First Solar, Inc. (NASDAQ: FSLR)
today announced the completion and commercial operation of the
280-megawatt (MW)AC California Flats Solar Project. The
project is located on approximately 2,900 acres of ranch land
within the Jack Ranch owned by Hearst, near the borders of
San Luis Obispo and Monterey County in California.
The project partners placed significant emphasis on successfully
co-locating the project with one of the largest working cattle
ranches in the United States while
minimizing and mitigating the environmental impact of constructing
the solar plant. Ranch employees worked in tandem with the
construction and operation teams, with input from stakeholders, to
assess and plan the development; as a result, the facility has a
very low visual impact and cannot be seen from any public roads.
The project supports and complements the sustainable cattle
operation of the ranch, which provides grass-fed beef to Whole
Foods Market's Southern Pacific region, reducing pressure to use
the ranch land for other commercial purposes.
"The California Flats Solar Project helped us meet our goal of
finding a sustainable solution to keep the 73,000-acre Jack Ranch
intact as a historic working cattle ranch using traditional and
time-proven ranching methods for our grass-fed Hearst Ranch Beef
program," said Steve Hearst, Vice
President and General Manager of Hearst Western Properties.
"Countless hours have been invested by Hearst and our partners in
bringing this sizable, complex project to fruition and ensuring it
operates seamlessly with our cattle operation and ranch
environment."
The project, which covers approximately three percent of the
area of the ranch, was built in two phases and is fully contracted
under two long-term PPAs serving both utility and corporate
renewable customers. First Solar completed development and
constructed the facility after acquiring the project in 2015.
Capital Dynamics acquired the project from First Solar in
August 2017.
"We are pleased to officially open the California Flats Solar
Project, one of the largest solar projects in the United States. First Solar and Hearst have
been great partners, and we are proud to be the first to use the
First Solar Series 6 solar panels," said Benoit Allehaut, Managing Director on Capital
Dynamics' Clean Energy Infrastructure team. "This project will play
an important part in helping California meet its renewable energy goals
while creating jobs and substantial economic benefits throughout
the state."
The project is powered by First Solar's high-performance thin
film technology, including Series 6 modules, which deliver a
combination of performance, reliability, and eco-efficiency. The
Series 6 modules, manufactured by First Solar in the United States, have approximately half the
carbon footprint of conventional crystalline silicon PV panels,
delivering the smallest environmental footprint and the fastest
energy payback time of any PV technology.
"This project confirms that solar energy can successfully
co-exist with the natural environment and an active agricultural
operation while generating clean, renewable energy and local
economic benefits," said Troy
Lauterbach, Senior Vice President of EPC and Energy Services
for First Solar. "The California Flats Solar Project is also the
first to feature our innovative Series 6 PV module technology,
which is setting the standard for affordable and cleaner renewable
energy. We are thrilled to partner with Capital Dynamics and Hearst
to deliver on a shared commitment to building a sustainable energy
future."
The California Flats project created significant jobs and
economic benefits for Monterey
County. Construction of the project took approximately three
years, creating about 2.1 million work hours, and had a peak
construction workforce of over 1,100 people. The facility covers an
area equivalent to the square footage of 449 football fields. The
California Flats Solar Project will generate clean solar energy
equivalent to the needs of about 116,000 average California households 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.
"Monterey County is proud to be
a part of California's green
energy solution. The California Flats Solar Project exemplifies our
commitment to an energy independent California. While this project is located in
Monterey County, its impacts on
job creation and the economy will be felt throughout the state,"
said Chris Lopez, Vice Chair of the
Monterey County Board of
Supervisors.
About Capital Dynamics' Clean Energy Infrastructure
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. The CEI team currently manages 4.7 GW of power
generation across more than 100 projects in the United States and Europe.1
About Capital Dynamics
Capital Dynamics is an
independent global asset management firm focusing on private assets
including private equity, private credit, clean energy
infrastructure and energy infrastructure credit. Capital Dynamics
offers a diversified range of tailored offerings and customized
solutions for a broad, global client base, including corporations,
family offices, foundations and endowments, high net worth
individuals, pension funds and others. The firm oversees more than
USD 16 billion in assets under
management and advisement.1 Capital Dynamics is
distinguished by its deep and sustained partnerships with clients,
a culture that attracts entrepreneurial thought leaders and a
commitment to providing innovative ideas and solutions for its
clients.
Founded in 1999 and headquartered in Zug, Switzerland, Capital Dynamics employs
approximately 1501 professionals globally and maintains
offices in New York, London, Tokyo, Hong
Kong, San Francisco,
Munich, Milan, Birmingham, Dubai and Seoul. For more information, please visit:
www.capdyn.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, but are not limited to,
statements concerning the construction, commissioning and operation
of a 280 MWac solar system. 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 Conditions
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.
Contacts
For Capital
Dynamics:
Nicholas
Rust
Prosek
Partners
NRust@prosek.com
T: +1 646 818
9252
M: +1 917 439
0307
|
First Solar
Media:
Reuven
Proença
+971 (0)4 4559
410
reuven.proenca@firstsolar.com
|
1 As of March 31,
2019
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SOURCE Capital Dynamics