First Solar to Support Dow Gulf Coast Operations in Texas with Lowest Carbon Solar
June 18 2020 - 8:15AM
First Solar, Inc. (Nasdaq: FSLR) today announced that it had signed
a 15-year power purchase agreement (PPA) with Dow, Inc. (NYSE:
DOW) for its Gulf Coast operations. Dow’s Texas Operations is the
largest petrochemical site in the western hemisphere. First Solar
had previously disclosed the execution of the PPA without
identifying the offtaker.
Under the agreement, First Solar will supply Dow
with renewable energy from 75 percent of its 200-megawatt (MW)AC
Horizon Solar project in Frio County, Texas. The project will
utilize First Solar’s high-performance, eco-efficient Series 6
photovoltaic (PV) modules, designed and developed at the Company’s
research and development (R&D) centers in California and Ohio.
The Series 6 modules that will power the project utilize a range of
advanced technologies, including ENGAGE™ PV Polyolefin Elastomers
by Dow, which are used as encapsulant films to enhance the module’s
performance and efficiency.
“Dow and First Solar share a common vision for a
more sustainable planet and a long history of partnership,” said
Edward Stones, Dow’s global business director for Energy and
Climate Change. “Multiple raw materials, components, and derivative
products produced by Dow contribute to the reliability and
sustainability of First Solar’s module technology, including ENGAGE
PV polyolefin elastomers. Now we are putting that technology to
work in helping to power our operations in Texas and to reach Dow’s
2025 Sustainability Goal of obtaining 750 megawatts of our power
demand from renewable sources.”
With up to six times lower carbon footprint and
24 times lower water impact than conventional crystalline silicon
PV panels on a life cycle basis, the module delivers a superior
environmental profile and the lowest carbon solar electricity
available. In addition to having the lowest water footprint in the
solar industry, First Solar has reduced its manufacturing water
intensity per watt produced by 64 percent since 2009. One of the
ways First Solar saves water is by recycling rejected water from a
purification system back into a raw water tank. This has helped the
company save more than 400 million liters of water since 2018,
which is equivalent to 160 Olympic-sized swimming pools.
“With 123 years of history and a range of
products that touches virtually every aspect of our lives, Dow
helps define the image of American innovation on the world stage.
As America’s solar company, we’re proud to support Dow’s renewable
energy objectives with technology designed and developed in the
United States,” said Karl Brutsaert, senior director, Corporate
Renewables, First Solar. “Dow reinforces its longstanding
commitment to sustainability by sourcing energy produced by the PV
technology with the lowest carbon and water footprints available
today. Importantly, the agreement also enables the addition of
resilient, reliable solar capacity to our nation’s electricity
grid.”
The portion of the solar facility covered by the
PPA will generate enough electricity to power up to 25,000 average
Texas homes, while displacing 147,000 metric tons of CO2
annually, equivalent to planting 2.4 million trees per year. The
project will create approximately 350 jobs at the peak of
construction and is also expected to bring benefits to local
businesses.
First Solar recently expanded its manufacturing
capacity to meet the increasing demand for Series 6 modules,
starting production at its new module manufacturing facility in
Lake Township, Ohio, in October 2019. The Company 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.
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 DowDow (NYSE: DOW)
combines global breadth, asset integration and scale, focused
innovation and leading business positions to achieve profitable
growth. The Company’s ambition is to become the most innovative,
customer centric, inclusive and sustainable materials science
company. Dow’s portfolio of plastics, industrial intermediates,
coatings and silicones businesses delivers a broad range of
differentiated science-based products and solutions for its
customers in high-growth market segments, such as packaging,
infrastructure and consumer care. Dow operates 109 manufacturing
sites in 31 countries and employs approximately 36,500 people. Dow
delivered sales of approximately $43 billion in 2019. References to
Dow or the Company mean Dow Inc. and its subsidiaries. For more
information, please visit www.dow.com or follow @DowNewsroom on
Twitter.
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 entry into
a 15-year PPA for 75 percent of the capacity of the 200MWAC Horizon
Solar project. 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 Reuven
ProençaFirst Solar Mediareuven.proenca@firstsolar.com |
Investors Mitchell
EnnisFirst Solar Investor
Relationsmitchell.ennis@firstsolar.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/97cbe67e-b63e-464c-bcf5-04da064dc991
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