Azure Power signs on as launch customer for
modules made in India by First
Solar
NEW
DELHI, India, and TEMPE,
Ariz., Sept. 19, 2022 /PRNewswire/ -- Azure
Power Global Limited (NYSE: AZRE) ("Azure Power"), a leading
independent sustainable energy solutions provider and renewable
power producer in India, announced
that it has entered into an agreement for 600 megawatts
(MW)DC of high-performance, advanced thin film
photovoltaic (PV) solar modules from First Solar, Inc. (NASDAQ:
FSLR).
The agreement is the first for production from First Solar's new
manufacturing facility in Tamil Nadu, India, which is expected to be commissioned in
the second half of 2023. Under the agreement, Azure Power is
expected to take delivery of First Solar's Series 7 photovoltaic
(PV) solar modules from the fourth quarter of 2023 to 2025.
"We are pleased to partner with First Solar with their latest
Series 7. Having a long-term agreement with global solar modules
technology leaders like First Solar is key to de-risking our supply
side with the latest technology available in the market," said
Rupesh Agarwal, acting chief
executive officer, Azure Power.
First Solar's vertically integrated manufacturing facility,
located near Chennai, is projected
to have an annual nameplate capacity of 3.3 GWDC and is
expected to produce a version of the company's Series 7 modules
that is optimized for the Indian market. Unique among the world's
ten largest solar manufacturers for being the only US-headquartered
company, First Solar produces its thin film PV modules using a
fully integrated, continuous process under one roof.
"Our relationship with Azure Power goes back over a decade and
we are pleased that it is the launch customer for a product that
has not only been designed for India, but made in India, for India," said Georges
Antoun, chief commercial officer, First Solar. "This deal
demonstrates how experienced developers and independent power
producers in India are
increasingly taking a strategic view on procurement and securing
long-term commitments that help tackle the risks of short-term
pricing and supply volatility. When working with First Solar, they
benefit from certainty of pricing and supply, and a technology that
is advantaged in India's operating
environments."
Designed and developed at its research and development (R&D)
centers in the United States,
First Solar's responsibly produced advanced thin film PV modules
set industry benchmarks for quality, durability, reliability,
design, and environmental performance. The modules have a carbon
footprint that is 2.5 times lower and a water footprint that is
three times lower than the average crystalline silicon solar panel
made with cells produced in China.
Additionally, First Solar is the only company among the ten largest
solar manufacturers globally to be a member of the Responsible
Business Alliance (RBA), the world's largest industry coalition
dedicated to supporting the rights and well-being of workers and
communities in the global supply chain.
In addition to its new manufacturing facility in India and a third factory in the US, both of
which are expected to come online in 2023, First Solar recently
announced that it plans to invest up to $1.2
billion in building a fourth factory in the US Southeast and
expanding the capacity of its existing manufacturing footprint in
Ohio. The new investments are
expected to scale the company's annual manufacturing capacity in
the US by 4.4 GWDC allowing it to reach over 20
GWDC of global annual manufacturing capacity by
2025.
About Azure Power
Azure Power is a leading independent sustainable energy
solutions provider, and renewable power producer in India on a mission to create value for all
stakeholders through high-performance Renewable Energy assets. It
developed India's first utility
scale solar project in 2009 and since then, Azure Power has grown
rapidly to become a leader in developing and operating large
utility-scale renewable energy projects in the country. Azure Power
also partners with commercial and industrial customers in their
decarbonization journey by providing comprehensive solutions for
their clean energy needs. For more information, please visit
www.azurepower.com
For Azure Power Investors
This press release contains forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and the US Private Securities Litigation Reform
Act of 1995, including statements regarding Azure Power's future
financial and operating guidance, operational and financial results
such as estimates of nominal contracted payments remaining and
portfolio run rate, and the assumptions related to the calculation
of the foregoing metrics. The risks and uncertainties that could
cause Azure Power's results to differ materially from those
expressed or implied by such forward-looking statements include:
the availability of financing/refinancing on acceptable terms;
changes in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long term PPAs
are entered into; cancellation of PPAs; changes in policies and
regulations including net metering and interconnection limits or
caps; ongoing and potential litigation and/or regulatory
investigations; failure and delays in making regulatory filings
(including in India, Mauritius and United
States); the availability of rebates, tax credits and other
incentives; curtailment; the availability of solar panels and other
raw materials; its limited operating history, its ability to
attract and retain its relationships with third parties, including
its solar partners; its ability to meet the covenants in its debt
facilities; meteorological conditions and such other risks
identified in the registration statements and reports that Azure
Power files with the US Securities and Exchange Commission from
time to time. All forward-looking statements in this press release
are based on information available to Azure Power as of the date
hereof, and Azure Power assumes no obligation to update these
forward-looking statements.
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 Investors
This 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 an order for
600 MWDC of solar modules by Azure Power; the
expectation that First Solar's new facility in Tamil Nadu,
India will be commissioned in the
second half of 2023; the projected nameplate capacity of that
facility; the expectation that First Solar's third factory in the
U.S. will come online in 2023; First Solar's plan to invest up to
$1.2 billion in building a fourth
factory in the US Southeast and expanding the capacity of its
existing manufacturing footprint in Ohio; and First Solar's expectation that such
new investment will scale the company's annual manufacturing
capacity in the US by 4.4 GWDC allowing it to reach over
20 GWDC of global annual manufacturing capacity by 2025.
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.
Media
Reuven
Proença
First Solar
Media
media@firstsolar.com
|
Investors
Richard
Romero
First Solar Investor
Relations
investor@firstsolar.com
|
|
|
Samitla Subba
Azure Power
Media
pr@azurepower.com
|
Vikas
Bansal
Azure Power Investors
Relations
ir@azurepower.com
|
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