First Solar, Inc. (“First Solar”) (NASDAQ: FSLR) announced that
MN8 Energy LLC (“MN8”) has placed orders for 457 megawatts (MW) of
advanced thin film solar modules, including 170 MW of Series 6 Plus
bifacial modules and 287 MW of Series 7 modules. The modules will
power projects in the northeastern and southern United States.
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First Solar announced that MN8 Energy LLC
has placed orders for 457 megawatts (MW) of advanced thin film
solar modules, including 170 MW of Series 6 Plus bifacial modules
and 287 MW of Series 7 modules. (Photo: Business Wire)
MN8, founded as Goldman Sachs Renewable Power in 2017, owns and
operates a 3.2 gigawatt (GW) portfolio, delivering renewable energy
solutions to over 40 corporates, 70 government entities, and 20
utilities. MN8 previously transacted with First Solar in their
acquisition of the 123 MW American Kings Solar project in
California.
“We are pleased to continue our relationship with First Solar,
building certainty and resilience into our development pipeline,”
said David Fernandez, chief operations officer, MN8. “By executing
these agreements, MN8 demonstrates strong support for developing a
robust domestic supply chain for the US renewable industry that
upholds the highest environmental, sourcing, and manufacturing
standards. Furthermore, we’re thrilled to be collaborating with a
partner that shares our commitment to responsibly and domestically
produced solar, strengthening our industry’s social license to
operate.”
“MN8 joins a growing number of renewable energy companies that
are choosing certainty, competitiveness, and Responsible Solar by
choosing First Solar,” said Georges Antoun, chief commercial
officer, First Solar. “We thank MN8 for its trust and look forward
to expanding this relationship.”
First Solar, which exited 2023 with 6 GW of annual US nameplate
capacity, is the largest solar manufacturer in the western
hemisphere.
First Solar's investments in U.S. manufacturing are also
believed to make it the most significant enabler of American jobs
among solar manufacturers. According to a recent study commissioned
by First Solar, it supported an estimated 16,245 direct, indirect,
and induced jobs in 2023, representing approximately $1.6 billion
in annual labor income. As First Solar grows to an expected 14 GW
in annual US nameplate capacity in 2026, it is forecast to support
an estimated 30,060 direct, indirect, and induced jobs across the
country, representing $2.8 billion in annual labor income. The
study projects that every direct job First Solar supports in 2026
will support 7.3 jobs nationwide.
In addition to expanding its Ohio footprint to over 7 GW of
annual nameplate capacity this year, First Solar expects to invest
over $2 billion in new manufacturing facilities in Alabama and
Louisiana, which are expected to come online in 2024 and 2025,
respectively. Additionally, First Solar is on track to commission
approximately $450 million in R&D innovation infrastructure in
Perrysburg, Ohio, in the second half of this year.
About MN8 Energy LLC
MN8 Energy serves enterprise customers on their journey to an
electrified, decarbonized world by providing renewable energy and
related services. With a more than 3.2 gigawatt solar fleet
comprised of over 875 projects across 28 states, over 270 megawatts
of battery storage projects, and EV charging solutions, MN8 is one
of the largest and most sophisticated independent solar energy and
energy storage power producers in the United States. For more
information, please visit mn8energy.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.
Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking statements by First Solar
and/or MN8 (collectively, the “companies”), 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 1) orders for 457 MW of
solar modules by MN8 Energy; 2) the expectation that First Solar’s
Ohio manufacturing footprint will exceed 7 GW of annual nameplate
capacity in 2024; 3) the expectation that First Solar will invest
over $2 billion in two new manufacturing facilities in Alabama and
Louisiana; 4) the expectation that First Solar will have 14 GW of
annual US nameplate capacity by 2026; 5) the expectation that First
Solar’s new R&D infrastructure in Ohio will be completed in the
second half of 2024 at an investment of approximately $450 million;
and 6) expected economic impacts of First Solar’s forecasted US
spending, including direct, indirect, and induced jobs, estimated
labor income and value and output contributions to the US economy.
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 the companies’ current expectations
and 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. The companies 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 the companies’ 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 First Solar’s
most recent Annual Report on Form 10-K, as supplemented by First
Solar’s other filings with the Securities and Exchange Commission.
This press release contains references to data and information
generated by an economic study conducted by the Kathleen Babineaux
Blanco Public Policy Center at the University of Louisiana at
Lafayette. The economic study is based on numerous assumptions,
estimates and other data as more fully described in the report
summarizing the study’s findings, which is available at
www.firstsolar.com/USeconomy.
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version on businesswire.com: https://www.businesswire.com/news/home/20240501307815/en/
Media Reuven Proença First Solar Media
media@firstsolar.com Investors Richard Romero First
Solar Investor Relations investor@firstsolar.com MN8 Energy
Candice Adams Head of Communications, MN8 Energy
candice.adams@mn8energy.com +1-332-345-2243
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