First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into
an agreement to supply 600 megawatts (MW)DC of its
high-performance, advanced thin film photovoltaic (PV) solar
modules to Azure Power Global Limited (NYSE: AZRE) (“Azure Power”),
a leading independent sustainable energy solutions provider and
renewable power producer in India.
The agreement is the first for production from
First Solar’s new manufacturing facility in Tamil Nadu, India,
which is expected to be commissioned in the second half of 2023.
Under the agreement, Azure is expected to take delivery of First
Solar’s Series 7 photovoltaic (PV) solar modules from the fourth
quarter of 2023 to 2025.
“We are pleased to partner with First Solar with
their latest Series 7. Having a long-term agreement with global
solar modules technology leaders like First Solar is key to
de-risking our supply side with the latest technology available in
the market,” said Rupesh Agarwal, acting chief executive officer,
Azure Power.
First Solar’s vertically integrated
manufacturing facility, located near Chennai, is projected to have
an annual nameplate capacity of 3.3 GWDC and is expected to produce
a version of the company’s Series 7 modules that is optimized for
the Indian market. Unique among the world’s ten largest solar
manufacturers for being the only US-headquartered company, First
Solar produces its thin film PV modules using a fully integrated,
continuous process under one roof.
“Our relationship with Azure Power goes back
over a decade and we are pleased that it is the launch customer for
a product that has not only been designed for India, but made in
India, for India,” said Georges Antoun, chief commercial officer,
First Solar. “This deal demonstrates how experienced developers and
independent power producers in India are increasingly taking a
strategic view on procurement and securing long-term commitments
that help tackle the risks of short-term pricing and supply
volatility. When working with First Solar, they benefit from
certainty of pricing and supply, and a technology that is
advantaged in India’s operating environments.”
Designed and developed at its research and
development (R&D) centers in the United States, First Solar’s
responsibly produced advanced thin film PV modules set industry
benchmarks for quality, durability, reliability, design, and
environmental performance. The modules have a carbon footprint that
is 2.5 times lower and a water footprint that is three times lower
than the average crystalline silicon solar panel made with cells
produced in China. Additionally, 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.
In addition to its new manufacturing facility in
India and a third factory in the US, both of which are expected to
come online in 2023, First Solar recently announced that it plans
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. The new investments are expected to scale the
company’s annual manufacturing capacity in the US by 4.4 GWDC
allowing it to reach over 20 GWDC of global annual manufacturing
capacity by 2025.
About Azure PowerAzure Power is
a leading independent sustainable energy solutions provider, and
renewable power producer in India on a mission to create value for
all stakeholders through high-performance Renewable Energy assets.
It developed India's first utility scale solar project in 2009 and
since then, Azure Power has grown rapidly to become a leader in
developing and operating large utility-scale renewable energy
projects in the country. Azure Power also partners with commercial
and industrial customers in their decarbonization journey by
providing comprehensive solutions for their clean energy needs. For
more information, please visit www.azurepower.com
For Azure Power Investors This
press release contains forward-looking statements within the
meaning of Section 21E of the US Securities Exchange Act of 1934,
as amended, and the US Private Securities Litigation Reform Act of
1995, including statements regarding Azure Power’s future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. The risks and uncertainties that could cause
Azure Power’s results to differ materially from those expressed or
implied by such forward-looking statements include: the
availability of financing/refinancing on acceptable terms; changes
in the commercial and retail prices of traditional utility
generated electricity; changes in tariffs at which long term PPAs
are entered into; cancellation of PPAs; changes in policies and
regulations including net metering and interconnection limits or
caps; ongoing and potential litigation and/or regulatory
investigations; failure and delays in making regulatory filings
(including in India, Mauritius and United States); the availability
of rebates, tax credits and other incentives; curtailment; the
availability of solar panels and other raw materials; its limited
operating history, its ability to attract and retain its
relationships with third parties, including its solar partners; its
ability to meet the covenants in its debt facilities;
meteorological conditions and such other risks identified in the
registration statements and reports that Azure Power files with the
US Securities and Exchange Commission from time to time. All
forward-looking statements in this press release are based on
information available to Azure Power as of the date hereof, and
Azure Power assumes no obligation to update these forward-looking
statements.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
600 MWDC of solar modules by Azure Power; the expectation that
First Solar’s new facility in Tamil Nadu, India will be
commissioned in the second half of 2023; the projected nameplate
capacity of that facility; the expectation that First Solar’s third
factory in the U.S. will come online in 2023; 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; and First Solar’s expectation that such new
investment will scale the company’s annual manufacturing capacity
in the US by 4.4 GWDC allowing it to reach over 20 GWDC of global
annual manufacturing capacity 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
Mediamedia@firstsolar.com |
InvestorsRichard RomeroFirst
Solar Investor Relationsinvestor@firstsolar.com |
|
|
Samitla
SubbaAzure Power Mediapr@azurepower.com |
Vikas
BansalAzure Power Investors
Relationsir@azurepower.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f811371f-c0ca-498f-8331-a22d624b5165
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