Modules slated for 2024 delivery; Origis to benefit from technology developments through agile contracting
TEMPE, Ariz., April 11, 2022 – First Solar, Inc. (Nasdaq: FSLR) today announced that Origis Energy, one of America’s largest solar and energy storage developers, has placed an order for 750 megawatts (MW)DC of responsibly-produced thin film photovoltaic (PV) solar modules. The deal, which was booked prior to the release of First Solar’s Q4 and Full Year 2021 earnings in February, utilizes First Solar’s agile contracting approach and Origis will benefit from any advances in technology through 2024, when the Cadmium Telluride (CadTel) thin film modules will be delivered to its projects across the United States.
First Solar and Origis share a long-standing relationship spanning five years and over 1.5 gigawatts (GW)DC of thin film modules. 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.
“This 750 MW solar agreement builds on a long-term alliance between the First Solar and Origis teams,” said Samir Verstyn, chief investment officer and operations officer, Origis Energy. “Front and center is always our commitment to meet customer clean energy goals. This mission has been put to the test by the unprecedented headwinds impacting the solar industry. Such an environment makes it even more important to work with market partners who have consistently delivered. We applaud First Solar’s build out of its domestic PV solar manufacturing capacity. Today’s announcement is an important step forward in fulfilling the renewable energy goals of our utility and corporate customers across America.”
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 approximately 2,500 people in Ohio, while supporting an estimated 7,000 indirect jobs through its American supply chain.
“At First Solar, we value long-term relationships with partners like Origis because they are based on trust and a respect for mutually-held values and principles,” said Georges Antoun, chief commercial officer, First Solar. “At a time of unprecedented supply and pricing volatility across the solar industry, our ability to deliver and stand behind our commitments is a crucial differentiator that serves to strengthen relationships like these. We thank the team at Origis for their continued trust in First Solar and our technology.”
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.
Origis Energy is bringing clean and cost effective solar and energy storage solutions within reach for utility, commercial and industrial as well as public sector clients. The Origis team has worked to ensure the interests of all stakeholders are upheld in 170 projects worldwide totaling more than 4 GW to date of developed solar and energy storage capacity. Headquartered in Miami, FL, Origis Energy delivers excellence in solar and energy storage development, financing, engineering, procurement and construction (EPC) and operations, maintenance and asset management for investors and clean energy consumers in the US. Visit us at www.OrigisEnergy.com, on LinkedIn and on Twitter @OrigisEnergy.
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 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, but are not limited to, statements concerning (1) the sale of 750 megawatts (MW)DC of solar modules to Origis Energy; (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.
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