First Solar, Inc. (Nasdaq: FSLR) today announced that global solar
leader Lightsource bp and integrated energy company bp have placed
multi-year orders for up to 5.4 gigawatts (GW) combined of First
Solar’s advanced, ultra-low carbon thin film photovoltaic (PV)
solar modules. As part of the deal, Lightsource bp and bp have
placed firm orders for approximately 4.4GWDC of modules, with
options for an additional 1GWDC.
Lightsource bp has agreed to procure up to
4.3GWDC of modules for its US utility-scale projects, and bp will
procure up to 1.1GWDC to power their projects being developed by
Lightsource bp. bp acquired the projects as part of its net zero
ambition and target to grow its net developed renewable generating
capacity to 20GW by 2025 and 50GW by 2030. Planned deployments for
both companies include projects in Arkansas, Kentucky, Ohio,
Pennsylvania, and Texas.
The framework agreements, the largest in First
Solar’s history, will provide modules scheduled to be delivered
between 2023 and 2025 to support the companies’ solar development
pipelines in the United States. Under the agreement, First Solar
has firm orders for 1.55GWDC of modules in 2023, 1.3GWDC in 2024,
and 1.55GWDC in 2025.
“This landmark solar industry procurement deal
is a testimony to Lightsource bp’s exponential growth in the United
States, and our confidence in First Solar’s technology,” said Kevin
Smith, chief executive officer, Americas, Lightsource bp. “As we
continue to grow and progress our 10GW development pipeline across
America, in addition to our partner bp’s 9GWs, executing
significant long-term procurement agreements with bankable, world
class suppliers like First Solar enables us to deliver on our
growth plans and industry-leading global target of 25GW of solar by
2025. It also translates into competitively priced electricity for
our customers.”
Felipe Arbelaez, bp’s senior vice president of
zero carbon energy, added: “To help reach our net zero ambition and
develop 50GW of renewable power by the end of this decade, we
continue to invest in clean, reliable energy in the US. Today’s
announcement reflects the speed in which we’re moving to deliver
these high-quality solar projects. These modules are a critical
step in delivering our 9GW solar pipeline that will provide
affordable energy, create jobs, bolster the supply chain and
deliver the type of returns our investors expect. This is exactly
the type of energy we want to develop and deliver as we continue to
build out our renewable pipeline and ultimately strengthen
confidence in our target of delivering 20GW of developed renewables
by 2025.”
Lightsource bp and bp will benefit from the
evolution of First Solar’s advanced Cadmium Telluride (CadTel) thin
film module technology platform over the span of the agreement. The
companies will also have access to First Solar’s American-made
solar modules produced at its fully vertically-integrated
manufacturing complex in Ohio.
“The US solar industry is at an important
inflection point where it must continue the charge towards
delivering 45% of our country’s electricity by 2050 while
addressing the risks and uncertainty posed by increasingly volatile
solar panel production, pricing, and supply,” said Georges Antoun,
chief commercial officer, First Solar. “This is where we come in.
Our ability to help our customers manage these risks by providing
long-term firm pricing and supply commitments, backed by First
Solar’s reputation, is a key differentiator. We’re delighted that
bp and Lightsource bp have placed their trust in us and our
technology to help power their growth in the United States.”
In addition to the multi-year module sales
agreement, First Solar also signed a memorandum of understanding
(MoU) to explore opportunities to source electricity from
generation assets developed, owned and operated by Lightsource bp
in Ohio, where First Solar operates the Western Hemisphere’s
largest solar manufacturing footprint. When it joined RE100 in
2020, First Solar committed to powering 100 percent of its global
manufacturing operations with renewable energy by 2028, with an
interim goal of transitioning its facilities in the US to
carbon-free electricity by 2026.
Designed and developed at its research and
development (R&D) centers in California and Ohio, First Solar’s
responsibly produced advanced thin film PV modules set industry
benchmarks for quality, durability, reliability, design, and
environmental performance. First Solar also operates an advanced
recycling program that recovers more than 90 percent of CadTel for
use in new modules.
Earlier this year, First Solar announced that it
will invest $680 million to expand America’s domestic PV solar
manufacturing capacity by 3.3GW annually, by building its third US
manufacturing facility, in Lake Township, Ohio. The new facility is
expected to be commissioned in the first half of 2023 and when
fully operational will scale the company’s Northwest Ohio footprint
to a total annual capacity of 6GW, which is believed to make it the
largest fully vertically integrated solar manufacturing complex
outside of China.
In addition to its Ohio manufacturing
facilities, First Solar also operates factories in Vietnam and
Malaysia, and has previously announced plans to build a new 3.3GW
factory in India that is expected to be commissioned in the second
half of 2023. With First Solar’s expansion in the United States and
India and optimization of its existing fleet, the company
anticipates that its nameplate manufacturing capacity will double
to 16GW by 2024.
About Lightsource bpLightsource
bp is a global leader in the development and management of solar
energy projects, and a 50:50 joint venture with bp. Our purpose is
to deliver affordable and sustainable solar power for businesses
and communities around the world. Our team includes over 500
industry specialists, working across 15 countries. We provide full
scope development for our projects, from initial site selection,
financing and permitting through to long-term management of solar
projects and power sales to our clients. Lightsource bp in the U.S.
is headquartered in San Francisco with development offices in
Denver, Philadelphia, Atlanta and Austin. Since late 2017, the team
has developed a pipeline of more than 10 gigawatts of large-scale
solar projects at various stages of development across the United
States with over 2.8 gigawatts of contracted assets with clients in
11 states representing more than $2.3 billion in expected
investment. For more information please visit
www.lightsourcebp.com.
About bpbp’s ambition is to
become a net zero company by 2050 or sooner, and to help the world
get to net zero. bp is America’s largest energy investor since
2005, investing more than $130 billion in the economy and
supporting about 230,000 additional jobs through its business
activities. For more information on bp in the US, visit
www.bp.com/us.
About First Solar, Inc.First
Solar is a leading American solar technology company and global
provider of responsibly produced eco-efficient solar modules
advancing the fight against climate change. Developed at R&D
labs in California and Ohio, the company’s advanced thin film
photovoltaic (PV) modules represent the next generation of solar
technologies, providing a competitive, high-performance,
lower-carbon alternative to conventional crystalline silicon PV
panels. From raw material sourcing and manufacturing through
end-of-life module recycling, First Solar’s approach to technology
embodies sustainability and a responsibility towards people and the
planet. For more information, 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 (i) the framework
agreement to supply up to 5.4 gigawatts (GW)DC of solar modules to
bp and Lightsource bp, (ii) an MoU with bp and Lightsource bp to
explore opportunities to source solar electricity from generation
assets owned by the two companies in the United States, (iii) First
Solar’s plans to establish new factories in the United States and
India and the expected capacities of those factories, and (iv) when
those factories will commence operations and the company’s
resulting global manufacturing footprint. 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 Condition 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.
MediaReuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.com |
InvestorsMitchell EnnisFirst
Solar Investor Relationsmitchell.ennis@firstsolar.com |
Mary
GrikasLightsource bpmary.grikas@lightsourcebp.com |
|
|
|
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/16dda5bd-3fb9-4df3-a008-49c75d6999d5
https://www.globenewswire.com/NewsRoom/AttachmentNg/f00065c2-75ab-46b9-b9e8-b9057d21ae52
First Solar (NASDAQ:FSLR)
Historical Stock Chart
From Aug 2024 to Sep 2024
First Solar (NASDAQ:FSLR)
Historical Stock Chart
From Sep 2023 to Sep 2024