Intersect Power Selects First Solar for 1.7GW Multiyear Module Contract

Date : 09/24/2019 @ 1:15PM
Source : GlobeNewswire Inc.
Stock : First Solar Inc (FSLR)
Quote : 51.55  0.0 (0.00%) @ 1:41PM
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Intersect Power Selects First Solar for 1.7GW Multiyear Module Contract

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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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