First Solar and D. E. Shaw Renewable Investments Ink Module Deal
December 05 2017 - 12:00PM
Business Wire
200MWdc of Series 6 modules slated for DESRI
Project Pipeline
First Solar, Inc. (Nasdaq: FSLR) announced today that it has
completed a module sale deal with an affiliate of D. E. Shaw
Renewable Investments, L.L.C. (DESRI) totaling 200 Megawatts (MW)dc
and with delivery dates in 2019. Terms of the deal were not
disclosed.
First Solar will provide 200MWdc of its new large area Series 6
thin film photovoltaic (PV) modules to DESRI for its near-term
pipeline of projects going into construction in the next two years
in the U.S. In addition, First Solar signed operations and
maintenance (O&M) contracts for two projects that DESRI is
developing.
“DESRI is thrilled to continue growing its partnership with
First Solar,” said Bryan Martin, CEO of DESRI. “We take great
comfort knowing that these projects will benefit from the company’s
cutting-edge module technology in the industry, as well as its
exceptional O&M services during operations.”
“This combination of our industry-leading module technology and
world-class O&M services will provide DESRI with a reliable,
resilient and high-performance renewable energy generation asset,”
said Georges Antoun, Chief Commercial Officer, First Solar. “We are
proud to build on our strong relationship with this trusted
partner.”
In addition to this module sale, DESRI has acquired three solar
projects from First Solar since 2016 – the 40MWac Cuyama Solar
Project in Santa Barbara County, Calif., the 31MWac Portal Ridge
Solar Project in Los Angeles County, Calif., and the 11MWac Rancho
Seco Solar Project in Sacramento County, Calif.
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.
About D. E. Shaw Renewable Investments, L.L.C.
D. E. Shaw Renewable Investments, L.L.C. (DESRI) and its
affiliates acquire, own, and manage long-term contracted renewable
energy assets in North America. DESRI's portfolio of renewable
energy projects currently includes 28 wind and solar projects that
represent more than 1,350 MW of aggregate capacity. DESRI is a
member of the D. E. Shaw group, a global investment and
technology development firm with more than $46 billion in
investment capital as of October 1, 2017, and offices in North
America, Europe, and Asia. Please visit www.deshaw.com for more
information about the D. E. Shaw group.
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 technology and 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 expand manufacturing capacity
worldwide; 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; 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/20171205006099/en/
First Solar MediaSteve Krum+1
602-427-3359steve.krum@firstsolar.comorFirst Solar InvestorsStephen
Haymore+1 602-414-9315stephen.haymore@firstsolar.com
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