Geronimo Energy, First Solar Sign 415MW Series 6 Framework Supply Agreement
May 06 2020 - 8:15AM
First Solar, Inc. (Nasdaq: FSLR) today announced that it has
entered into a framework supply agreement with Geronimo Energy, a
National Grid company. Under the agreement, First Solar will supply
415 megawatts (MW)DC of its high-performance, eco-efficient Series
6 photovoltaic (PV) modules in 2022. This latest transaction has
grown the relationship between the two companies to over 1.4
gigawatts (GW)DC of both systems and module technology sales.
Geronimo Energy, headquartered in Minneapolis,
Minnesota, is a leading American renewable energy company, with
over 2.4GW of wind and solar operational or under construction, and
a multi-gigawatt development pipeline. Geronimo was acquired by
National Grid, one of the world’s largest publicly owned utilities
in July 2019.
“Geronimo sees value in optimizing our solar
projects with the Series 6 module. Its benchmark-setting
degradation rate and lifetime energy yields make it the right
choice to support our mission to help repower America’s grid with
clean, renewable electricity,” said Nathan Franzen, Vice President
of Development, Geronimo Energy. “First Solar and Geronimo have
deep roots in the US Midwest and a shared commitment to a
sustainable future. A strategic partnership like this helps
Geronimo continue its mission to repower rural American communities
with renewable energy projects through farmer-friendly development
and local economic benefits.”
Designed and developed at the Company’s research
and development (R&D) centers in California and Ohio, First
Solar’s Series 6 PV module sets industry benchmarks for quality,
reliability, design, and environmental performance. With a carbon
footprint that is up to six times lower than crystalline silicon PV
panels manufactured using conventional, energy-intensive production
methods, Series 6 delivers a superior environmental profile and
cleaner solar electricity.
“Geronimo and First Solar have a longstanding
relationship that’s based on shared values and a common vision for
a sustainable energy future,” said Darin Green, Senior Director,
Business Development, First Solar. “Geronimo’s evolution into one
of the country’s largest and most respected independent power
producers is an American success story. As America’s solar company,
we’re proud that our Series 6 technology will play a role in their
continued growth, enabling the success of their multi-gigawatt US
solar pipeline.”
First Solar recently expanded its manufacturing
capacity to meet the demand for Series 6 modules, starting
production at its new module manufacturing facility in Lake
Township, Ohio, in October 2019. Representing over $1 billion in
cumulative investment, the new facility expanded First Solar's
annualized manufacturing capacity in the United States to 1.9GWDC,
making it the largest solar manufacturer in the Western
Hemisphere. The Company also operates manufacturing
facilities in Vietnam and Malaysia, with a global annualized Series
6 manufacturing capacity of 5.5GWDC. 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.
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 Geronimo EnergyGeronimo
Energy, a National Grid (NYSE: NGG) company, is a leading North
American renewable energy development company based in Minneapolis,
Minnesota, with satellite offices located throughout multiple
states in the regions where it develops, constructs, and operates.
As a farmer-friendly and community driven company, Geronimo
develops projects for corporations and utilities that seek to
repower America’s grid by reigniting local economies and
reinvesting in a sustainable future. Geronimo has developed over
2,400 megawatts of wind and solar projects that are either
operational or currently under construction, resulting in an
investment of over $4 billion in critical energy infrastructure and
the revitalization of rural economies. Geronimo has a vast
development pipeline of wind and solar projects in various stages
of development throughout the United States. Please visit
www.geronimoenergy.com to learn more.
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 415MWDC module sales agreement. 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, as supplemented by our other filings with the Securities and
Exchange Commission.
Media Reuven
ProençaFirst Solar
Mediareuven.proenca@firstsolar.com Steve
KerekesKyte Consulting for First
Solarsteve@jkyteconsulting.com |
Investors Mitchell
EnnisFirst Solar Investor
Relationsmitchell.ennis@firstsolar.com
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d899c46d-0df4-4476-aa61-c05827c0cfb0
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