US-headquartered First Solar, Inc. (Nasdaq: FSLR) today announced
that it has signed two 15-year Power Purchase Agreements (PPAs)
with Community Choice Aggregators (CCAs), Monterey Bay Community
Power (MBCP) and Silicon Valley Clean Energy (SVCE).
Under the PPAs, both agencies will buy
electricity from the Rabbitbrush Solar project developed by First
Solar in Kern County, California. The 100-megawatt (MW)AC
photovoltaic (PV) solar plant, scheduled to be completed in the
second quarter of 2022, will also feature 20MW of battery storage
capacity, capable of delivering electricity for 2.5 hours.
“We are delighted to partner with First Solar to
add to our growing solar generation and battery storage portfolio,”
said Tom Habashi, Chief Executive Officer, MBCP. “Responsibly
developed to minimize its impact on the ecosystem, and powered by
the most eco-efficient solar technology available today, this
project mirrors our own commitments to sustainability and the
communities we serve.”
The project will be powered by First Solar’s
proprietary thin film module technology, designed and developed at
the Company’s research and development (R&D) centers in Santa
Clara, California, and Perrysburg, Ohio. The technology is the
result of over $1bn in cumulative R&D spend, among the highest
in the PV manufacturing industry.
“We are thrilled that Rabbitbrush Solar will
help deliver clean electricity to Santa Clarans with photovoltaic
technology that was developed in Santa Clara by First Solar,” said
Girish Balachandran, Chief Executive Officer, SVCE. “Our customers
have made an important choice in selecting carbon-free energy, and
we are looking forward to adding this project to our long-term
efforts to cut energy-related emissions in line with our
decarbonization commitments.”
The PPAs are the latest to be signed by First
Solar with CCAs in California, enabling the delivery of cleaner
solar electricity to several communities across the state. While
SVCE provides renewable, carbon-free electricity to 13 communities
in Santa Clara County, MBCP sources clean electricity for the
Monterey, San Benito, and Santa Cruz counties, as well as parts of
San Luis Obispo county.
“The fast-growing CCA segment, with its base of
environmentally conscious consumers, aligns well with our inherent
emphasis on sustainability and our mission to lead the world’s
sustainable energy future,” said Georges Antoun, Chief Commercial
Officer, First Solar. “As America’s solar company, we are pleased
to support MBCP and SVCE in powering communities with solar energy
that is not only cost-competitive, reliable and efficient, but also
has a superior environmental profile.”
When it is complete, the facility will generate
enough electricity to power 45,000 average homes, while displacing
62,000 metric tons of CO2 annually, equivalent to removing 12,000
combustion engine cars from the road. The air quality
benefits of the project will amount to more than $10 million in
avoided healthcare costs annually.
With 1.9-gigawatts (GW)DC of annualized
manufacturing capacity in the US, First Solar is America’s and the
Western Hemisphere’s largest solar manufacturer. Headquartered in
Arizona, the Company operates two factories in Ohio. First Solar
recently celebrated two decades since its founding in 1999, and
25GWDC of PV modules shipped, making it the only American solar
module manufacturing company to achieve this milestone. It also
operates manufacturing facilities in Vietnam and Malaysia, with a
global annualized Series 6 manufacturing capacity of 5.5GWDC.
About First SolarFirst
Solar is a leading global provider of comprehensive photovoltaic
(PV) solar solutions, 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 solutions protect
and enhance the environment. For more information about First
Solar, please visit www.firstsolar.com.
About Monterey Bay Community
Power Monterey Bay Community Power is a Community Choice
Energy agency established by local communities to source
carbon-free electricity for Monterey, San Benito and Santa Cruz
counties in addition to San Luis Obispo and Morro Bay as well as
most of San Luis Obispo and Santa Barbara Counties starting in
2021. PG&E and SCE continue their traditional role delivering
power as well as maintaining electric infrastructure and billing.
As a locally controlled public agency, MBCP supports regional
economic vitality by sourcing cleaner energy at a lower cost and
advancing local energy programs to accelerate electrification,
fuel-switching and resiliency. For more information, visit
www.mbcp.org.
About Silicon Valley Clean
EnergySilicon Valley Clean Energy is a community-owned
agency serving the majority of Santa Clara County communities,
acquiring clean, carbon-free electricity on behalf of more than
270,000 residential and commercial customers. As a public agency,
net revenues are returned to the community to keep rates
competitive and promote clean energy programs. Member jurisdictions
include Campbell, Cupertino, Gilroy, Los Altos, Los Altos Hills,
Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain View,
Saratoga, Sunnyvale and unincorporated Santa Clara County. SVCE is
guided by a Board of Directors, which is comprised of a
representative from the governing body of each member community.
For more information, please visit www.SVCleanEnergy.org.
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 signing of
two 15-year Power Purchase Agreement (PPA) for the 100MWAC
Rabbitbrush solar project in Kern County, California. 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, as
supplemented by our other filings with the Securities and Exchange
Commission.
Media |
Investors |
|
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Reuven
ProençaFirst Solar
Mediareuven.proenca@firstsolar.com |
Mitchell
EnnisFirst Solar Investor
Relationsmitchell.ennis@firstsolar.com |
|
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Steve
KerekesKyte Consulting for First
Solarsteve@jkyteconsulting.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d028afe-7587-4c24-9793-c2e525789b72
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