First Solar, Inc. (Nasdaq: FSLR) signed a framework agreement with
National Grid Renewables for 2 gigawatts (GW)DC of advanced,
responsibly-produced thin film photovoltaic (PV) solar modules.
Scheduled for delivery in 2024 and 2025 throughout the United
States, the contracted modules are part of First Solar’s advanced
Cadmium Telluride (CadTel) thin film module technology platform.
The deal was booked prior to the release of First Solar’s Q1 2022
earnings in April.
Over the past decade, National Grid Renewables
and First Solar have partnered on multiple projects, including the
recently operational 200-megawatt (MW) Prairie Wolf Solar Project
in Illinois and the currently under construction Noble Solar (275
MW) and Storage (125 MWh) Project in Texas. As a farmer-friendly
and community-focused company, National Grid Renewables develops
projects for corporations and utilities that seek to repower
America’s electricity grid by reigniting local economies and
reinvesting in a sustainable future. A Minneapolis-headquartered
business, National Grid Renewables is part of the Ventures division
of National Grid and has a portfolio of solar, wind, and energy
storage projects located throughout the US in various stages of
development, construction and operation.
“National Grid Renewables and First Solar share
more than just deep roots in the US Midwest and a longstanding
strategic partnership. We share a common view on the need to create
a sustainable energy future,” said Nathan Franzen, Vice President,
Development for National Grid Renewables. “We’re pleased to be
working with First Solar as we continue on our mission to deploy
clean, economically beneficial and community-focused solar energy
projects, powered by responsibly produced American solar
technology.”
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. It is the only one of the world’s ten
largest solar manufacturers 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, and has zero tolerance for
forced labor in its manufacturing or its supply chains. First
Solar’s 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.
“As America’s solar company, we’re proud of the
fact that National Grid Renewables has, once again, selected our
technology to power its mission to repower rural American
communities,” said Georges Antoun, chief commercial officer, First
Solar. “Experienced project developers and owner-operators like
National Grid Renewables understand the criticality of both,
insulating themselves from pricing and supply volatility, and
staying true to their values and principles. Both factors are
invaluable in helping them successfully navigate some of the
industry’s headwinds.”
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 15,000 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 in 2024. First Solar is
the only US-headquartered company among the world’s ten largest
solar manufacturers.
About National Grid
RenewablesNational Grid Renewables, part of the National
Grid Ventures division of National Grid (NYSE: NGG), develops, owns
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 for corporations and utilities that
seek 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 (1) an order for 2 GWDC
of solar modules for National Grid Renewables; (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.
MediaReuven ProençaFirst Solar
Mediareuven.proenca@firstsolar.com |
InvestorsFirst Solar Investor
Relationsinvestor@firstsolar.com |
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Lindsay T.
SmithNational Grid
Renewablespress@nationalgridrenewables.com |
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A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6593f660-a004-46eb-8791-1701ead9b82b
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