Company’s installed capacity to surpass 400MW in Australia
First Solar, Inc. (Nasdaq: FSLR) today announced that financial
close has been reached for the Manildra Solar Farm in New South
Wales (NSW), Australia. First Solar will leverage its
expertise in utility-scale solar development to deliver the 48.5
megawatt (MW)AC project, which will utilize approximately 466,000
First Solar thin-film photovoltaic (PV) modules and single-axis
tracking technology expected to produce more than 120,000
megawatt-hours of electricity in its first year of operation. The
Manildra Solar Farm will take First Solar's installed capacity in
Australia to more than 400MWAC when it is complete in
2018.
The Manildra Solar Farm is supported by AUD$9.8 million of grant
funding from the Australian Renewable Energy Agency (ARENA). First
Solar has entered into a 13-year power purchase agreement with
EnergyAustralia for the generated electricity and large-scale
generation certificates.
“Today’s milestone is a testament to the ability and experience
of First Solar’s development and delivery team, and we congratulate
ARENA and EnergyAustralia on their commitment to commercially
viable projects,” said Jack Curtis, First Solar’s Regional Manager
of Asia Pacific.
“We have witnessed unprecedented cost reductions in large-scale
solar in recent years. As the appetite for this asset class
continues to grow, timely and reliable project delivery will be the
strongest driver of future cost reductions, cementing solar as a
competitive energy source in Australia,” Curtis said.
Located one kilometer east of Manildra in regional NSW, the
Manildra Solar Farm will benefit directly from existing solar
supply chains, and operations and maintenance hubs. It will also
provide significant economic benefits to the region, through the
creation of direct and indirect jobs, supporting small business and
developing regional skills in a growing industry.
“Customers rightly expect access to reliable, affordable and
cleaner supplies of energy, which means the industry needs to
evolve,” said EnergyAustralia Managing Director Catherine Tanna.
“The Manildra Solar Farm is a great example of the projects that
will underpin the future of energy in Australia, and we’re proud to
be partnering with First Solar to bring it to market.”
First Solar is pleased to confirm the appointment of RCR
O’Donnell Griffin Pty Ltd for the engineering, procurement and
construction of the project. Construction is scheduled to commence
in the first half of 2017.
Once complete, the project is expected to produce enough solar
energy to serve the needs of approximately 14,000 average NSW homes
and displace more than 91,000 metric tons of carbon dioxide
emissions per year – the equivalent of taking about 24,000 cars off
the road.
ARENA CEO Ivor Frischknecht said the Manildra Solar Farm had
reached financial close through ARENA’s groundbreaking large-scale
solar competitive round, which was driving down costs and boosting
investment.
“Construction will soon begin at the site, creating new economic
opportunities for Australian businesses and families in the local
region,” Frischknecht said. “By supporting innovators like First
Solar, ARENA has fast-tracked the development of substantial new
Australian industries like the large-scale solar sector, which is
now on the cusp of being commercial.”
First Solar is committed to the communities in which it operates
and thanks the local community in Manildra and the broader region
for its ongoing support.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced module and
system technology. The company’s integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar’s renewable energy
systems protect and enhance the environment. For more information
about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This 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 statements, among other things, concerning: effects
resulting from certain module manufacturing changes and associated
restructuring activities; our business strategy, including
anticipated trends and developments in and management plans for our
business and the markets in which we operate; future financial
results, operating results, revenues, gross margin, operating
expenses, products, projected costs (including estimated future
module collection and recycling costs), warranties, solar module
technology and cost reduction roadmaps, restructuring, product
reliability, investments in unconsolidated affiliates and capital
expenditures; our ability to continue to reduce the cost per watt
of our solar modules; our ability to reduce the costs to construct
PV solar power systems; research and development programs and our
ability to improve the conversion efficiency of our solar modules;
our ability to expand manufacturing capacity worldwide; sales and
marketing initiatives; and competition. These forward-looking
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"continue" and the negative or plural of these words and other
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predictions based on our current expectations and our projections
about future events. You should not place undue reliance on these
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These factors include, but are not limited to, the matters
discussed in Item 1A: "Risk Factors," of our most recent Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and other
filings with the Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20170326005035/en/
First Solar MediaJennifer
Abbott+61-2-9002-7736jennifer.abbott@firstsolar.comorFirst Solar
InvestorsStephen Haymore+1
602-414-9315stephen.haymore@firstsolar.com
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