Arevon Energy, Inc. has secured a more than 2–gigawatt (GW)DC
supply of advanced Series 7 thin film photovoltaic (PV) solar
modules from First Solar, Inc. (Nasdaq: FSLR) to support its
growing renewable energy portfolio. Approximately 700 megawatts
(MW)DC of the total volume secured includes purchase orders issued
prior to the release of First Solar’s Q2 2022 earnings in July this
year. These orders will add to Arevon’s existing 2 GW portfolio of
operating assets with First Solar modules and will support projects
under development in the Midwest and Southwest regions.
“Arevon is at the forefront of powering the
energy transition through the development of our nationwide solar
pipeline,” said Justin Johnson, Arevon’s chief operating officer.
“These orders solidify Arevon’s competitive advantage while
ensuring we can deliver innovative solutions to our customers.”
Nationally, the demand for solar has increased
substantially. A September 2022 forecast from Wood
Mackenzie estimates that due to recent legislation, the U.S.
recorded its largest quarter-over-quarter growth with 10 GW of new
utility-scale solar capacity contracts. These orders for
modules will ensure that Arevon can execute projects planned to
deploy in the next five years.
“We are pleased to further expand our
relationship with First Solar and contribute to the expansion
of the US solar value chain,” said John Breckenridge, Arevon’s
chief executive officer. “Sourcing American solar technology from
First Solar allows us certainty of supply and helps mitigate the
risk of supply shortages and project delays. More broadly, it also
allows us to support US innovation in photovoltaics, and the
expansion of domestic solar manufacturing capacity through our
procurement strategy.”
Designed and developed at its R&D centers in
California and Ohio, First Solar’s advanced thin film PV modules
set industry benchmarks for quality, durability, reliability,
design, and environmental performance. The modules, which have the
lowest carbon and water footprint of any commercially available PV
technology today, will support Arevon's project pipeline through
2027.
“We’re pleased that Arevon has chosen to double
down on its commitment to First Solar’s responsibly produced
technology,” said Georges Antoun, chief commercial officer, First
Solar. “These multiyear orders reflects a broader trend in the
industry where developers are de-risking their project portfolios
with strategic, long-term procurement frameworks and sourcing
American solar. We are proud to be in a position to enable the
growth of leading American developers like Arevon, by providing
them with the certainty and long-term visibility they need.”
Developed in close collaboration with
Engineering, Procurement, and Construction (EPC) companies, and
structure and component providers, First Solar’s Series 7 modules
combine the company’s thin film cadmium telluride (CadTel)
technology with a larger form factor and a new back rail mounting
system to deliver improved efficiency, enhanced installation
velocity, and superior lifetime energy performance for US
utility-scale PV projects.
First Solar, the only US-headquartered company
among the world’s largest solar manufacturers, is expanding its
manufacturing capacity at home and abroad. In addition to a third
factory under construction in Ohio, the company recently announced
an investment of up to $1.2 billion in expanding its Ohio
manufacturing footprint and a new manufacturing facility, its
fourth American manufacturing facility, in the US Southeast. This
latest investment is expected to bring First Solar’s total
investment in American manufacturing to $4 billion, while its
annual US manufacturing capacity is forecast to expand to over 10
GWDC by 2025.
About Arevon Arevon
Energy, Inc. is a leading renewable energy company, supplying clean
energy to utilities and corporations across North America.
Headquartered in Scottsdale, Ariz., and New York City, Arevon uses
innovative approaches and leading-edge technology to finance and
manage projects from development through construction to long-term
commercial operation. Its financial prowess and industry expertise
come together to improve the structure and performance of its
platform of wind, solar, and energy storage power plants. Arevon
was named one of Arizona’s Top Workplaces in 2022. For more
information, please visit: www.arevonenergy.com
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 the supply of 2 GWDC of
modules to Arevon Energy; 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; First Solar’s expectation that such investment will bring the
company’s total investment in American manufacturing to $4 billion,
and its expectation that its annual US manufacturing capacity will
expand to over 10 GW 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.
MediaReuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.comJessica Haag
Arevon Energy Mediajhaag@arevonenergy.com |
InvestorsRobyn RemesFirst Solar
Investor Relationsinvestor@firstsolar.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/46c24274-37b4-4c29-b79b-e0a1a6b98e22
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