First Solar, Inc. (Nasdaq: FSLR) has entered into an agreement to
supply 1.6 gigawatts (GW)DC of its high-performance, responsibly
produced Series 7 thin film solar modules to National Grid
Renewables. The deal was booked prior to the release of First
Solar’s Q3 2022 earnings in October and the modules are scheduled
to be delivered in 2026 and 2027.
This latest order expands First Solar’s
relationship with National Grid Renewables to over 4 GWDC, with an
earlier agreement for 2 GWDC of modules announced in June 2022.
National Grid Renewables and First Solar have also partnered on
multiple projects over a decade-long relationship that includes the
200-megawatt (MW) Prairie Wolf Solar Project in Illinois and the
Noble Solar (275 MW) and Storage (125 MWh) Project in Texas.
A Minneapolis-headquartered business, National
Grid Renewables is part of the Ventures division of National Grid
plc and has a portfolio of solar, wind, and energy storage projects
located throughout the US in various stages of development,
construction, and operation.
“We are pleased to further expand both our
partnership with First Solar and our commitment to using
responsibly produced solar technology to power our near-term
project pipeline,” said Andy Cukurs, chief operating officer,
National Grid Renewables. “These modules will be deployed in
projects throughout the United States, bringing clean energy and
economic benefits to communities across the country.”
Developed in close collaboration with
Engineering, Procurement, and Construction (EPC) companies, and
structure and component providers, First Solar’s Series 7 modules
combine the company’s thin film cadmium telluride (CadTel)
technology with a larger form factor and a new back rail mounting
system to deliver improved efficiency, enhanced installation
velocity, and superior lifetime energy performance for US
utility-scale PV projects.
“National Grid Renewables is an experienced
developer and operator of large-scale solar projects and its
decision to invest in Series 7 is a testament to the track record
of our CadTel platform, and its ability to enhance the
competitiveness of solar assets,” said Georges Antoun, chief
commercial officer, First Solar. “It is also a testament to our
value proposition of providing our customers and partners with
long-term supply certainty and lower political and compliance
risks. This critical point of differentiation separates us from
many of our competitors.”
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. In addition to a third factory under
construction in Ohio, the company recently announced an investment
of approximately $1.3 billion in expanding its Ohio manufacturing
footprint and a new manufacturing facility, its fourth American
manufacturing facility, in Alabama. This latest investment is
expected to bring First Solar’s total investment in American
manufacturing to over $4 billion, while its annual US manufacturing
capacity is forecast to expand to over 10 GWDC by 2025. The company
also announced a $270 million investment in a dedicated research
and development (R&D) innovation center in Perrysburg, Ohio,
which, contingent upon permitting and pending approval of various
state, regional and local incentives is expected to be completed in
2024.
About National Grid
RenewablesNational Grid Renewables, part of the National
Grid Ventures division of National Grid plc (NYSE: NGG), develops
and operates large-scale renewable energy assets across the United
States, including solar, wind and energy storage. As a
farmer-friendly and community-focused business, National Grid
Renewables develops projects to repower America’s electricity grid
by reigniting local economies and reinvesting in a sustainable,
clean energy future. National Grid Renewables supports National
Grid’s vision of being at the heart of a clean, fair, and
affordable energy future for all. To learn more about National Grid
Renewables, visit https://nationalgridrenewables.com/ or follow the
company on Twitter or LinkedIn.
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
1.6 GWDC of solar modules by National Grid Renewables; First
Solar’s plan to invest approximately $1.3 billion in building a
fourth factory in Alabama and expanding the capacity of its
existing manufacturing footprint in Ohio; First Solar’s expectation
that such investment will bring the company’s total investment in
American manufacturing to over $4 billion, and its expectation that
its annual US manufacturing capacity will expand to over 10 GW by
2025; and our intention to invest approximately $270 million in a
dedicated R&D innovation center and our expectation that,
contingent upon permitting and pending approval of various state,
regional and local incentives, this innovation center will be
commissioned in 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 |
InvestorsRobyn RemesFirst Solar
Investor Relationsinvestor@firstsolar.com |
Lindsay T.
SmithNational Grid
Renewablespress@nationalgridrenewables.com |
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ae90e534-1b05-4c29-b9ba-b43857078d17
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