Intersect Power Procures 4.9 GW for 2025-2029 Delivery, Increasing its Total 2022 Orders for First Solar Module Technology to 7.3 GW
November 17 2022 - 8:30AM
First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into
agreements to supply an additional 4.9 gigawatts (GW)DC of its high
performance, responsibly produced, thin film photovoltaic (PV)
solar modules to Intersect Power, LLC. When combined with a
previously announced agreement for 2.4 GWDC signed in July 2022,
these transactions take Intersect Power’s total orders for First
Solar modules this year to 7.3 GWDC. Of the 4.9 GWDC, the agreement
to supply 1 GWDC was signed prior to First Solar’s Q3 2022 earnings
call in October, while the agreement to supply the remaining 3.9
GWDC was signed subsequent to the October earnings call.
The orders placed by Intersect Power this year
will see a combination of First Solar’s Series 6 Plus and Series 7
modules deployed in its solar, storage, and green hydrogen projects
coming online across the United States from 2025 to 2029.
“We have an unprecedented opportunity to
decarbonize our economy while simultaneously bolstering our
manufacturing sector and providing clean energy security,” said
Sheldon Kimber, chief executive officer, Intersect Power. “First
Solar’s responsibly produced, high-performance modules are the
cornerstone of our commitment to American technology and workers.
Our country’s energy transition must be American made.”
Prior to 2022, Intersect Power had placed orders
for a total of 4.1 GWDC of modules in deals signed in 2019 and
2021. This latest transaction is expected to solidify its position
as the world’s largest buyer and operator of First Solar’s
US-developed, ultra-low carbon, PV module technology, with an
estimated deployed capacity of 11.4 GWDC by 2029.
“Intersect Power was one of the early pioneers
of long-term, multi-year procurement and has benefitted from the
certainty of supply and stable pricing that this approach
delivers,” said Georges Antoun, chief commercial officer, First
Solar. “We’re proud of this enduring partnership and we’re thrilled
that, as Intersect Power continues to scale, its growth will be
underpinned by American solar technology produced by First
Solar.”
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 have the lowest
carbon and water footprint of any commercially available PV
technology today.
Additionally, First Solar’s differentiated thin
film semiconductor, integrated manufacturing process and tightly
controlled supply chain helps eliminate the risk of exposure to
solar supply chains identified by the US Department of Labor’s 2022
List of Goods Produced by Child Labor or Forced Labor as being
tainted by forced labor. 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. The company is
also the first PV manufacturer to have its product included in the
Electronic Product Environmental Assessment Tool (EPEAT) global
registry for sustainable electronics.
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
that it is expanding its Ohio manufacturing footprint and a new
manufacturing facility, its fourth American manufacturing facility,
in the US Southeast. These latest investments are 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. The company also announced that it
plans to invest approximately $270 million in a dedicated research
and development (R&D) innovation center in Perrysburg, Ohio,
which is expected to be completed in 2024.
About Intersect PowerIntersect
Power is a clean energy company bringing innovative and scalable
low-carbon solutions to its customers in retail and wholesale
energy markets. The company develops some of the world's largest
clean energy resources providing low-carbon electricity, fuels, and
related products to customers across North America. Intersect Power
has a base portfolio of 2.2 GW of solar PV and 1.4 GWh of
co-located storage that is under construction or in operations. The
company's business plan includes growth in grid-tied renewables, as
well as large-scale clean energy assets including green hydrogen.
To learn more about Intersect Power, visit www.intersectpower.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 an order for
up to 4.9 GWDC of solar modules by Intersect Power; the expectation
that this latest transaction between the parties will make
Intersect Power the world’s largest buyer and operator of First
Solar’s PV module technology, with an estimated deployed capacity
of 11.4 GWDC by 2029; First Solar’s plan to invest up to build a
fourth factory in the US Southeast and expanding the capacity of
its existing manufacturing footprint in Ohio; First Solar’s
expectation that its total investment in American manufacturing
will be $4 billion; First Solar’s forecast that its annual US
manufacturing capacity will expand to over 10 GWDC by 2025; and
First Solar’s intention to invest approximately $270 million in a
dedicated R&D innovation center that is expected to be
completed by 2024. 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
Mediamedia@firstsolar.com |
InvestorsRichard RomeroFirst
Solar Investor Relationsinvestor@firstsolar.com |
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Cate
PowersIntersect Powercate@intersectpower.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/651ae2df-e86f-4c00-9319-de230b3d703b
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