D. E. Shaw Renewable Investments Acquires Utah Projects from First Solar
October 23 2019 - 9:00AM
US-headquartered First Solar, Inc. (Nasdaq: FSLR) announced today
that D. E. Shaw Renewable Investments (DESRI) is the acquirer of
the Cove Mountain and Cove Mountain 2 projects in Iron County,
Utah. The acquisition of the two projects, the sales of which were
previously disclosed by First Solar and which total 180 megawatts
(MW)AC in capacity, nearly doubles DESRI’s portfolio of First
Solar-developed projects to over 360MWAC.
Cove Mountain and Cove Mountain 2, both under
construction with completion expected in the second and fourth
quarters of 2020, have long-term Power Purchase Agreements (PPAs)
with PacifiCorp on behalf of Facebook, providing Facebook’s data
center operations with new solar resources. DESRI has previously
acquired four First Solar-developed projects in California: the
100MWAC Willow Springs Solar Project in Kern County; the 40MWAC
Cuyama Solar Project in Santa Barbara County; the 31MWAC Portal
Ridge Solar Project in Los Angeles County; and the 11MWAC Rancho
Seco Solar Project in Sacramento County.
“Cove Mountain 1 and 2 are powered by one of the
most financeable and reliable photovoltaic technologies available
today, and are underpinned by long-term PPAs to support the
renewable energy and carbon reduction goals of one of the
best-recognized names in technology,” said Bryan Martin, Chief
Executive Officer of DESRI. “While these projects further solidify
the longstanding partnership between our companies, they also
demonstrate the value that First Solar is able to deliver by
developing and operating world-class solar assets.”
Once commissioned, both projects will be
operated by First Solar Energy Services, which, with over 10
gigawatts (GW) under management, is the solar industry’s most
experienced Operations and Maintenance (O&M) service provider
for large-scale solar power plants.
“DESRI’s decisions to invest in assets are
always backed by rigorous research and analysis, and their
acquisition of our projects validates the robustness of First
Solar’s approach to project development,” said Georges Antoun,
Chief Commercial Officer, First Solar. “We are proud of the fact
that DESRI continues to trust First Solar, the bankability of the
projects we develop and operate, and our ability to deliver on our
commitments.”
Both projects will be powered by First Solar’s
Series 6 module technology. 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. 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.
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.
First Solar is celebrating two decades since its
founding in 1999 and 25 gigawatts (GW)DC of photovoltaic (PV)
modules shipped, making it the only American solar manufacturing
company to achieve this milestone.
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 D. E. Shaw Renewable Investments
(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 35 wind
and solar projects that represent more than 1,900 MW of aggregate
capacity. DESRI is a member of the D. E. Shaw group, a global
investment and technology development firm with more than $50
billion in investment and committed capital as of September 1,
2019, and offices in North America, Europe, and Asia.
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 sale,
construction and operation of 180MWAC of PV projects. 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.com
Steve KerekesKyte Consulting for First
Solarsteve@jkyteconsulting.com |
First Solar
Investorsinvestor@firstsolar.com
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/25908307-ba35-42b9-be0d-328a59ed0ff9
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