First Solar Evolves U.S. EPC Delivery Approach with Third-Party Execution Model
September 19 2019 - 4:30PM
First Solar, Inc. (Nasdaq: FSLR) today announced that it is
transitioning away from its internal Engineering, Procurement and
Construction (EPC) execution model in the United States, and moving
towards leveraging the capabilities of trusted EPC partners.
The transition to leveraging third-party EPC
services will occur through the rest of 2019 and will not impact
any projects under construction and slated for delivery this year.
This evolution will allow the Company to solidify its
competitiveness and position as America’s leading solar module
manufacturer.
First Solar is expanding its manufacturing
capacity to meet the demand for Series 6 modules, with its second
facility in the United States - representing nearly $1 billion in
cumulative investment - expected to start production in early-2020.
Once operational, the new facility in Perrysburg, Ohio, will take
the Company’s aggregate Series 6 manufacturing capacity to 5.4GW
per year, making First Solar America’s largest solar
manufacturer.
“This transition, which mirrors the technology
shift to the large-format Series 6 module, marks the natural
evolution of our long-term growth strategy. While self-performed
EPC was necessary to optimize our earlier generation modules, the
seamless compatibility of Series 6 with industry systems and
processes now allows us to leverage a much broader external
ecosystem of knowledge and expertise,” said Mark Widmar, Chief
Executive Officer, First Solar.
“We expect that this shift will allow us to
concentrate on our core business of scaling, developing, and
selling our world-class module technology while executing on our
project development pipeline with the same level of service that
our customers have come to expect,” Widmar added.
The transition will impact approximately 100
associates who will be separated from the Company at various stages
of the process and will be provided with compensatory and
outplacement support.
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 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 the transition of First
Solar’s U.S. EPC delivery approach to a third-party execution
model. 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
Reuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.comSteve
KerekesKyte Consulting for First
Solarsteve@jkyteconsulting.com |
First Solar Investorsinvestor@firstsolar.com
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