US-headquartered First Solar, Inc. (Nasdaq: FSLR) announced today
that Longroad Energy is the acquirer of four solar projects with a
combined capacity of 160-megawatts (MW)AC. Longroad Energy is a
US-based renewable energy developer, owner, and operator, with a
multi-gigawatt portfolio of wind and solar projects across the
United States. First Solar had previously disclosed the transaction
without identifying the acquirer.
Backed by a long-term Power Purchase Agreement
(PPA) with a Community Choice Aggregator (CCA), Marin Clean Energy
(MCE), the Little Bear Solar portfolio of projects is located in
Fresno County, California. The projects, which range from 20MWAC to
50MWAC and are expected to be completed by the end of the fourth
quarter of 2020, are designed to have a low impact on local land
and water resources, and the environment. In addition to creating
approximately 500 jobs during the contruction of the facility,
Little Bear Solar is also expected to benefit local businesses.
“We are pleased to be working with First Solar
to deliver reliable, cleaner solar electricity to communities
across the Bay area. MCE’s customers have made the important choice
to consume carbon-free electricity, and it is only fitting that
these projects will be powered by lowest carbon solar modules
available today,” said Michael Alvarez, COO of Longroad Energy.
“Responsibly developed, backed by long-term PPAs and powered by
innovative solar technology designed in America, these projects are
welcome additions to our growing portfolio in the United
States.”
The projects will be powered by First Solar’s
Series 6 module technology. Designed and developed at the Company’s
research and development centers in California and Ohio, and
produced in just 3.5 hours using sophisticated, fully-integrated
manufacturing processes, each large-format Series 6 module
leverages First Solar’s proprietary thin film technology. With a
carbon footprint that is up to six times lower than crystalline
silicon PV panels that are manufactured using conventional,
energy-intensive production methods, Series 6 delivers a superior
environmental profile and cleaner solar electricity.
“CCAs are playing a growing role in the
democratization and decarbonization of California’s electricity,
and we could not have asked for a better partner than Longroad
Energy to deliver on our first deal in this important segment,”
said Georges Antoun, Chief Commercial Officer, First Solar. “With
demand being driven primarily by environmentally-conscious
consumers, we see a tremendous opportunity to support the growth of
this segment with our portfolio of responsibly developed projects,
powered by the world’s lowest carbon solar module technology.”
With 1.9-gigawatts (GW)DC of annualized
manufacturing capacity in the US, First Solar is America’s and the
Western Hemisphere’s largest solar manufacturer. Headquartered in
Arizona, the Company operates two factories in Ohio. First Solar
recently celebrated two decades since its founding in 1999, and
25GWDC of PV modules shipped, making it the only American solar
module manufacturing company to achieve this milestone. It also
operates manufacturing facilities in Vietnam and Malaysia.
About First Solar, Inc.First
Solar is a leading global provider of comprehensive photovoltaic
(PV) solar solutions, 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 solutions protect
and enhance the environment. For more information about First
Solar, please visit www.firstsolar.com.
About Longroad Energy Holdings,
LLCFounded in 2016, Longroad Energy Holdings, LLC is
focused on renewable energy project development, operating assets,
and services. Today, Longroad owns 1.2 GW of wind and solar
projects across the United States in addition to operating and
managing a total of 2.4 GW of wind and solar projects on behalf of
Longroad and third parties. Longroad is owned by the New Zealand
Superannuation Fund, Infratil Limited, and Longroad Energy
Partners, LLC. For further information, visit
www.longroadenergy.com.
About MCEAs California’s first
Community Choice Aggregation Program, MCE is a groundbreaking,
not-for-profit, public agency that has been setting the standard
for energy innovation in our communities since 2010. MCE offers
cleaner power at stable rates, significantly reducing
energy-related greenhouse emissions and enabling millions of
dollars of reinvestment in local energy programs. MCE is a
load-serving entity supporting a 1,000 MW peak load. MCE provides
electricity service to more than 480,000 customer accounts and more
than one million residents and businesses in 34 member communities
across four Bay Area counties: Napa, Marin, Contra Costa, and
Solano. For more information about MCE, visit
www.mceCleanEnergy.org.
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 First Solar’s sale of PV
projects with a total nameplate design of 160MWAC. 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.
Media |
Investors |
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Reuven
ProençaFirst Solar
Mediareuven.proenca@firstsolar.com U.S.: Steve
KerekesKyte Consulting for First
Solarsteve@jkyteconsulting.com |
Mitchell
EnnisFirst Solar Investor
Relationsmitchell.ennis@firstsolar.com
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5bc5798e-5434-463c-9e61-5bb49cb5d4da
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