Intersect Power Selects First Solar for 1.7GW Multiyear Module Contract
September 24 2019 - 9:15AM
US-headquartered First Solar, Inc. (Nasdaq: FSLR) today announced
that it will supply more than 1.7 gigawatts (GW)DC of its
high-performance Series 6 photovoltaic (PV) modules to
utility-scale renewable energy developer Intersect Power as part of
a multiyear supply agreement. Deliveries will commence in the
fourth quarter of 2020 and will continue until the end of 2021.
Modules supplied as part of the agreement, the
single largest order for Series 6 modules to date, will be deployed
at five projects developed by Intersect Power and built by Signal
Energy in Texas and California. In addition to this 1.7GW
portfolio, Intersect Power has a multi-gigawatt pipeline of
projects in early- and mid-stage development.
“With the scale of this transaction, we knew it
was critical to partner with a top-tier module manufacturer like
First Solar that can reliably deliver a world-class,
high-performance product at competitive prices,” said Sheldon
Kimber, CEO, and co-founder of Intersect Power. “Our decision to
contract with First Solar was based on our confidence in its Series
6 technology and its ability to stand behind its obligations. There
has never been more noise and chaos in the module market, which
makes trusted partners with widely proven technologies more
valuable than ever.”
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,
retaining the proven performance and reliability advantages of
earlier generation modules. The innovative design, with its larger
form factor and under-mount, single cross-bar frame, improves
installation rates and Balance of System (BOS) costs. 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.
“Intersect Power’s decision to invest in Series
6 on such a large scale validates the technology’s performance
advantage over conventional solar panels, its competitiveness, and
its bankability,” said Georges Antoun, Chief Commercial Officer,
First Solar. “It is also a testament to the confidence that our
customers have in our ability to deliver on our commitments;
certainty is a valued but sometimes rare attribute in the PV module
industry.”
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
First Solar’s aggregate Series 6 manufacturing capacity to 5.4GW
per year.
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 Intersect Power
Intersect Power is a renewable energy development company
bringing utility-scale power to wholesale customers and markets,
delivering value and viability to both energy buyers and asset
owners. The company develops renewable energy assets from initial
idea to construction, including all aspects of siting, permitting,
interconnection, power marketing, procurement, and finance.
Intersect Power has more than 1.6 GWp of contracted, late-stage
solar projects and another 3 GWp of early- to mid-stage pipeline
across California and Texas. For more information, visit
www.intersectpower.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 sale of 1.7GWDC of
modules. 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
Jaki RowbottomKiterocket (on behalf of Intersect
Power)+1 206-422-1615jrowbottom@kiterocket.com |
Reuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.com Steve
KerekesKyte Consulting for First
Solarsteve@jkyteconsulting.comFirst Solar
Investorsinvestor@firstsolar.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/04b92054-8c14-4f17-b64e-50c6e311bedb
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