First Solar Completes Sale of Japan Project Development Platform to PAG Real Assets
October 05 2022 - 8:23AM
First Solar, Inc. (Nasdaq: FSLR) has completed the previously
announced sale of a 293-megawatt (MW)DC utility-scale solar project
development platform in Japan, to funds managed by PAG Real Assets
(“PAG”).
As part of the sale, the majority of First Solar
project development employees in Japan have joined PAG. PAG is a
leading Asia Pacific-focused private investment manager with more
than $50 billion in assets under management.
First Solar had also previously announced that
it had entered into a definitive agreement pursuant to which PAG
will acquire from First Solar its solar operations and maintenance
(O&M) platform with approximately 665 MWDC under management, in
Japan. This transaction is expected to close in the second half of
2022, after obtaining regulatory approvals, the receipt of
third-party consents and satisfying other customary closing
conditions.
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.
About PAG PAG is a leading
alternative investment firm focused on APAC with three core
strategies: Credit & Markets, Private Equity, and Real Assets.
Founded in 1997 as Secured Capital Japan, PAG Real Assets has
invested $32 billion across more than 7,000 properties across the
Asia-Pacific region. PAG manages capital on behalf of nearly 300
institutional fund investors, including some of the most
sophisticated global asset allocators. As of 31 December 2021, PAG
had 293 investment professionals in 12 key offices globally. PAG
has more than $50 billion in assets under management. For more
information, please visit www.pag.com.
For First Solar InvestorsThis
press release contains various “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 entry into definitive agreements to sell an O&M
platform of approximately 665MWDC under management, in Japan, which
is subject to the closing of the platforms’ acquisition. 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 First Solar’s current expectations
and First Solar’s 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. First Solar
undertakes 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 First Solar’s 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 expected timing and likelihood of
completion of the transaction; the timing, receipt and terms and
conditions of any third-party consent or governmental approvals
required in respect of the transaction referred to herein that
could cause the parties to abandon such transaction; the occurrence
of any event, change or other circumstances that could give rise to
the termination of the definitive agreements referred to herein;
the risk that the parties may not be able to satisfy the conditions
to such transaction in a timely manner or at all; and 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 |
InvestorsRichard RomeroFirst
Solar Investor Relationsinvestor@firstsolar.com |
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