First Solar, Inc. (Nasdaq: FSLR) today announced that its
responsibly-produced photovoltaic (PV) solar module technology
would power 17 percent of the annual energy needs of Nevada Gold
Mines (NGM), the single largest gold-producing complex in the
world. NGM is a joint venture between Barrick Gold Corporation
(NYSE: GOLD) (TSX:ABX) and Newmont Corporation (NYSE: NEM) that is
operated by Barrick.
NGM, which produces approximately 3.5 million
ounces of gold a year, is investing in building a solar power plant
as part of a broader effort to decarbonize its operations and
minimize its environmental footprint. As part of the deal, which
was booked prior to the release of First Solar’s Q4 and Full Year
2021 earnings in February, 260 megawatts (MW)DC of solar modules
manufactured by First Solar in Ohio will be deployed to power the
new 200 MWAC facility in the second quarter of 2023.
NGM has a strong focus on environmental
management practices and is a committed custodian of the unique
lands, waters, flora, and fauna within the state of Nevada. Barrick
has committed to a 30 percent greenhouse gas reduction by 2030,
with the goal of net-zero operations by 2050. NGM will support
Barrick’s targets and has set an intermediate goal of reducing its
greenhouse gas emissions by 20 percent by 2025, compared to its
2018 baseline. This is expected to be achieved by the solar power
plant and conversion of NGM’s coal fired power plant to cleaner
burning natural gas.
“When we selected our solar module technology
partner, we did so with very careful consideration. We made the
choice to contract with a supplier who shares our values, including
a commitment to fair labor practices and investment in American
manufacturing and American jobs. By partnering with First Solar we
also found an innovator that can deliver high performance solar
panels with the lowest carbon footprint and the best environmental
profile available today,” said Greg Walker, NGM executive managing
director. “At NGM, we believe that our corporate social
responsibility and the profitability of our business go hand in
hand. While minimizing the environmental impacts of our operations
— we bring sustainable long-term social and economic
benefits to Nevada.”
Designed and developed at its research and
development (R&D) centers in California and Ohio, First Solar’s
responsibly produced advanced thin film PV modules set industry
benchmarks for quality, durability, reliability, design, and
environmental performance. First Solar also operates an advanced
recycling program that recovers more than 90 percent of CadTel for
use in new modules.
“As America’s solar company, we’re proud to
support Nevada Gold Mines with responsible solar technology
designed and developed right here in the United States,” said
Georges Antoun, chief commercial officer, First Solar. “NGM is part
of a growing wave of customers that are unwilling to compromise on
quality or their principles, and choose to partner with First
Solar. They partnered with us because we can deliver a
high-performance module that comes without the social,
environmental, and political risks that are, unfortunately,
associated with too many solar manufacturers today.”
First Solar is investing $680 million in
expanding America’s domestic PV solar manufacturing capacity by 3.3
GW annually, by building its third US manufacturing facility, in
Lake Township, Ohio. The new facility is expected to be
commissioned in the first half of 2023 and when fully operational
will scale the company’s Northwest Ohio footprint to a total annual
capacity of 6 GW, which is believed to make it the largest fully
vertically integrated solar manufacturing complex outside of China.
First Solar has invested over $2 billion in its US manufacturing
footprint and, when its third factory is fully operational, will
directly employ over 2,500 people in Ohio, while supporting an
estimated 7,000 indirect jobs through its American supply
chain.
In addition to its Ohio manufacturing
facilities, First Solar also operates factories in Vietnam and
Malaysia, and is building a new 3.3 GW factory in India that is
expected to be commissioned in the second half of 2023. With First
Solar’s expansion in the United States and India and optimization
of its existing fleet, the company anticipates that its nameplate
manufacturing capacity will double to 16 GW by 2024.
About Nevada Gold MinesNevada
Gold Mines is operated by Barrick Gold Corporation and is a joint
venture between Barrick (61.5%) and Newmont (38.5%) that combined
their significant assets across Nevada in 2019 to create the single
largest gold-producing complex in the world.
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 (1) an order for 260 MWDC
of solar modules for Nevada Gold Mines; (2) First Solar’s plans to
establish new factories in the United States and India and the
expected capacities of those factories; and (3) when those
factories are expected to be commissioned and First Solar’s
resulting Northwest Ohio and global manufacturing capacity. 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.
First Solar Media
Inquires Reuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.com |
InvestorsMitchell EnnisFirst
Solar Investor Relationsmitchell.ennis@firstsolar.com |
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NGM Media
Inquires Greg Walker, Executive Managing
Directorgwalker@nevadagoldmines.comBarrick Investor and
Media RelationsKathy du Plessisbarrick@dpapr.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7afcd16b-0fc3-4936-94f4-8b3e00cd54fd
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