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Intersect Power Chooses Long-Term Reliability and Performance; Orders up to 2.4 GW of First Solar Series 6

Intersect Power Chooses Long-Term Reliability and Performance; Orders up to 2.4 GW of First Solar Series 6

High-performance modules to power seven US utility-scale projects

SAN FRANCISCO, Ca./TEMPE, Ariz., February 26, 2021 – US-headquartered First Solar, Inc. (Nasdaq: FSLR) has announced that it would supply up to 2.4 gigawatts (GW)DC of its high-performance, responsibly-manufactured, Series 6 photovoltaic (PV) solar modules to Intersect Power, LLC (“Intersect Power”) in one of the largest aggregate orders for the modules to date.

Modules supplied under the seven purchase orders will be deployed to seven projects developed by Intersect Power, with deliveries scheduled for 2022 and 2023. As part of the deal, the clean infrastructure company has placed firm orders for approximately 2 GWDC of modules, with options to add almost 400 megawatts (MW)DC, subject to the projects’ final designs.

One of the fastest-growing developers of clean energy in the United States, Intersect Power has a pipeline of 3.2 GWDC of late-stage solar and storage projects that will be in operation by 2023. It had previously placed a 1.7 GWDC order for Series 6 modules in 2019.

“As the Intersect Power team builds out our next 2.4 GW portfolio and moves towards asset ownership and operation, we continue to prioritize quality and long-term performance. Not only is First Solar able to scale quickly with us to meet our vision, but the Series 6 offers the highest quality and long-term value for our portfolio,” said Sheldon Kimber, chief executive officer, Intersect Power. “We continue to enjoy a strong values-aligned relationship with First Solar, and prize the reliability and risk mitigation that comes from working together, as we rapidly scale our business.” 

Designed and developed at First Solar’s research and development (R&D) centers in California and Ohio, Series 6 is a uniquely American solar PV module that has set industry benchmarks for quality, durability, reliability, design, and environmental performance. A result of over $1.4 billion in cumulative R&D investment, each module features a layer of First Solar’s proprietary CadTel semiconductor that is one-sixth the thickness of a human hair. With a carbon footprint that is up to 2.5 times lower than crystalline silicon PV panels, the EPEAT Silver-rated Series 6 module delivers a superior environmental profile and the lowest carbon solar available today.

“Intersect Power isn’t simply choosing solar technology with a benchmark-setting degradation rate, lifetime energy yield, and robust quality standards,” said Georges Antoun, chief commercial officer, First Solar. “A company that shares our vision for a sustainable energy future is choosing responsible solar technology that embodies sustainability, while meaningfully supporting the fight against climate change.”

First Solar is the only US-headquartered company among the world’s largest solar manufacturers. It has a longstanding zero-tolerance policy towards forced labor, requiring its suppliers to abide by its standards and policies, regardless of geographical location. First Solar is the Western Hemisphere’s largest solar manufacturer and expects to exit 2021 with 2.6 GWDC of manufacturing capacity at its Ohio facilities. The Company also operates manufacturing facilities in Vietnam and Malaysia and exited 2020 with a global annualized Series 6 manufacturing capacity of 6.3 GWDC.

 

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About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, 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 solutions protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

 

About Intersect Power

Founded in 2016, Intersect Power is a clean infrastructure company bringing efficient, innovative, and scalable low-carbon solutions to its customers in energy and commodity markets. Our expertise includes all phases of development, design, engineering, finance and operations. Intersect Power has a pipeline of 3.2 GWDC of late-stage solar and storage projects that will be in operation by 2023 and an emerging pipeline of other clean infrastructure assets. The company has also developed and sold more than 1.7 GWDC of contracted solar projects across California and Texas, which are owned and operated by third party investors. For more information, visit www.intersectpower.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 First Solar’s sale of up to 2.4 GWDC of Series 6 modules under seven purchase orders to Intersect Power. 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.  

 

Media
Reuven Proença
First Solar Media
[email protected]

Investors
Mitchell Ennis
First Solar Investor Relations
[email protected]

Cate Powers
Intersect Power
[email protected]

Intersect Power Secures Over $600 Million of Corporate Capital to Accelerate Growth of Leading Clean Infrastructure Company

Intersect Power Secures Over $600 Million of Corporate Capital to Accelerate Growth of Leading Clean Infrastructure Company

Investment makes Intersect Power one of North America’s largest owners of solar and energy storage facilities, allows for rapid expansion into other emerging classes of clean infrastructure

San Francisco — Intersect Power, LLC, (“Intersect Power”) one of North America’s largest developers of utility-scale renewable energy, has secured $127 million in equity funding from Climate Adaptive Infrastructure, LLC (“CAI”) and Trilantic North America to accelerate the company’s transition to a scalable provider of electric power for utilities and large end-users. Intersect Power has also closed on a $482 million debt facility with Generate Capital (“Generate”) and CarVal Investors (“CarVal”).

“The Intersect Power team has developed 3.7 GWDC of solar assets with a portfolio value of more than $8 billion. The investments announced today will give us the ability to more quickly scale our core business of solar and energy storage, while expanding further into emerging classes of clean infrastructure, like green hydrogen. Intersect combines a clear understanding of what it takes to put steel in the ground with a focus on what comes next in the deployment of low-carbon technologies,” said Intersect Power CEO and co-founder Sheldon Kimber. “Having deployed billions of dollars of clean infrastructure, our innovative approach to the convergence of power markets and financial markets served as a stepping stone for Intersect to become a large, scalable IPP. That same approach positions us at the forefront of what’s next in clean infrastructure.”

“We are pleased to be founding investors in Intersect Power, a company defining the future of renewable infrastructure with remarkable connectivity between capital markets, supply chains, greenfield development, and innovative technologies,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure. “Intersect Power’s deep bench of senior executives are experts at strategically deploying capital across low-carbon infrastructure assets. Additionally, we look forward to Intersect Power’s expansion into green hydrogen, another critical component for global decarbonization.”

“We are thrilled to have invested in Intersect Power, a founder-led, innovative infrastructure company that we believe has become a leader in the renewables space, and we are especially excited to partner with Sheldon, Luke, and the rest of the Intersect Power team to drive the company to the next level,” said Glenn Jacobson, Partner at Trilantic North America. “We remain believers that the pace of the energy transition will continue to accelerate and are excited to help Intersect Power develop utility-scale solutions for the decarbonization of the electric grid.”

“We are excited to partner with Intersect’s industry-leading team. We admire their proven track record for innovation in the utility-scale renewable energy market,” said Jeff Ross, Senior Managing Director and Head of Investment Team at Generate.

“This exciting opportunity reflects our proven ability to structure deals that take advantage of evolving technologies, financial tools and energy markets. We see no limits to how far and fast clean infrastructure can grow, and this funding is further affirmation that we have the capabilities, pipeline, and investors to get there,” concluded Kimber.

Orrick, Herrington & Sutcliffe provided legal counsel to Intersect Power. Latham & Watkins acted as legal counsel for the equity providers and Kirkland & Ellis and Foley & Lardner for debt.

About Intersect Power

Founded in 2016, Intersect Power is a clean infrastructure company bringing efficient, innovative, and scalable low-carbon solutions to its customers in energy and commodity markets. Our expertise includes all phases of development, design, engineering, finance and operations. Intersect Power has a pipeline of 3.2GWDC of late-stage solar and storage projects that will be in operation by 2023 and an emerging pipeline of other clean infrastructure assets. The company has also developed and sold more than 1.7 GWDC of contracted solar projects across California and Texas, which are owned and operated by third party investors. For more information, visit www.intersectpower.com.

About Climate Adaptive Infrastructure

Climate Adaptive Infrastructure, LLC (“CAI”) is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and transport sectors. The firm seeks investments across core infrastructure assets that improve the sustainability and quality of life for the world’s large and growing population. CAI selects, finances, constructs and manages its investments using climate screens and metrics designed to enhance investment returns and cut carbon emissions.

About Trilantic North America

Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. Magazine’s 2019 list of Top 50 Founder-Friendly Private Equity Firms. For more information, visit www.trilanticnorthamerica.com.

About CarVal Investors

CarVal Investors is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $124 billion in 5,495 transactions across 82 countries. CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit www.carvalinvestors.com.

About Generate

Generate (Capital, Inc.) is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the Infrastructure Revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service™ model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.

Intersect Power and Direct Energy Business Sign Long-term Power Purchase Agreement on 250 MW Solar Project in California

Intersect Power and Direct Energy Business Sign Long-term Power Purchase Agreement on 250 MW Solar Project in California

SAN FRANCISCO and HOUSTON—Oct. 31, 2019Intersect Power, a utility-scale renewable energy developer, and Direct Energy Business, part of Direct Energy, one of North America’s largest energy and energy-related services providers, and a subsidiary of Centrica PLC, announced today that they have entered into a long-term solar power purchase agreement (PPA) for Intersect Power’s Athos Solar I 250 megawatt (MWAC) project. This agreement enables Direct Energy to contract with Direct Access (DA) customers and Community Choice Aggregations (CCAs) as they decarbonize their electricity supplies.  

Once completed, the combined 450 MWAC Athos Solar I and II project will be one of the largest solar installations in California. Located on more than 3,200 acres of land in the Desert Center area in Riverside County, the project will support over 500 jobs during construction in the county and generate enough clean electricity to power 136,500 homes and result in some 1 million tons of avoided CO2 emissions per year.  

“The team at Intersect Power is pleased to work with Direct Energy to deliver new in-state renewable energy generation options for California homes and businesses,” said Sheldon Kimber, CEO and co-founder of Intersect Power. “Together, we are creating a long-term agreement to benefit Southern Californian communities and help households reduce their environmental impact.”

“This transaction demonstrates Direct Energy’s unique ability to create long-term renewable energy solutions that combine the strengths of customers, project developers, and energy service providers alike,” said David Brast, Senior Vice President, North America Power and Gas, Direct Energy Business. “Athos Solar I is an exciting project to be a part of. Intersect has developed several excellent projects and we are proud to collaborate with them.  Direct Energy is looking forward to the project helping enable our customers to move to a lower carbon future.”

The Athos I project is scheduled to begin construction in June 2020 and Athos II in October 2020.

About Direct Energy
Direct Energy is one of North America’s largest retail providers of electricity, natural gas and energy-related services to over three million homes and business. It is part of Centrica plc (LSE: CNA), a leading international energy services and solutions provider that is founded on a 200-year heritage of serving people. Direct Energy, its subsidiaries and/or affiliates, operate in 50 U.S. states plus the District of Columbia and 8 provinces in Canada. We are focused on satisfying the changing needs of our customers, enabling them to transition to a lower carbon future. Our aim is to reduce emissions in line with Paris goals by 2030 and develop a path to net zero by 2050. To learn more about Direct Energy, please visit www.directenergy.com.

About Intersect Power
Founded in 2016, Intersect Power is a renewable energy development company bringing utility-scale power to wholesale customers and markets, delivering value and viability to both energy buyers and asset owners. The company develops renewable energy assets, including all aspects of siting, permitting, interconnection, power marketing, procurement and finance. Intersect Power has more than 1.7 GWDC of contracted, late-stage solar projects across California and Texas that will be built, owned and operated by SB Energy, which has also invested in developing Intersect Power’s remaining 3 GWDC of early- to mid-stage projects. For more information, visit www.intersectpower.com.

SB Energy and Intersect Power Partner on 1.7 GW of U.S. Solar Projects

SB Energy and Intersect Power Partner on 1.7 GW of U.S. Solar Projects

SB Energy to Build, Own and Operate Five Solar Power Plants in California and Texas

SAN FRANCISCO—Oct. 31, 2019SB Energy Global Holdings Ltd. (SB Energy), a subsidiary of SoftBank Group Corp., and Intersect Power, LLC (Intersect Power), a utility-scale renewable energy developer, announced today that SB Energy will acquire a portfolio of five U.S. solar power plants with a combined capacity of more than 1.7 gigawatts (GW) from Intersect Power. Subject to satisfying certain closing conditions, SB Energy will build, own and operate the five solar power plants located in California and Texas, and expects to begin construction in early 2020. SB Energy and Intersect Power previously partnered to develop these projects.

SB Energy and Intersect Power also announced that the five projects have entered into contracts to sell the renewable energy and renewable energy certificates (REC) generated to the following customers:

  • Aragorn, 250 MWDC in Culberson Country, Texas: Austin Energy long-term power purchase agreement (PPA).
  • Athos I, 350 MWDC in Riverside County, California: Direct Energy Business long term power purchase agreement.
  • Athos II, 300 MWDC in Riverside County, California: one unnamed company long-term REC and energy agreements.
  • Juno, 425 MWDC in Borden County, Texas: Lower Colorado River Authority (LCRA) and one unnamed company long-term PPAs.
  • Titan, 375 MWDC in Culberson County, Texas: one unnamed company long-term PPA.

In total, the projects will support more than 3,000 jobs during construction. Once complete, the cumulative output of the five solar power plants will power the equivalent of 357,000 homes and result in 2.75 million tons of avoided CO2 emissions per year.

“SoftBank Group is pleased to continue investing in Texas and California, and this investment through SB Energy will create thousands of local jobs and deliver clean solar energy to local residents,” said Marcelo Claure, CEO of SoftBank Group International and Chairman of SB Energy.

“Intersect Power has created significant value by developing 1.7 GW of large solar projects in a short period of time,” said Raman Nanda, CEO of SB Energy. “We look forward to starting construction on the projects early next year and providing low-cost solar energy to our commercial partners. With this acquisition, SB Energy will have 7.2 GW of solar and wind projects under long-term contract in the United States and India.”

“When we started development of these projects, we were looking for innovative, reliable partners to work with, and SB Energy has exceeded our expectations,” said Sheldon Kimber, CEO and co-founder of Intersect Power. “Their partnership proves the value generated by Intersect Power’s skilled team and lean project development approach.”

Gibson Dunn & Crutcher LLP and Citi advised SB Energy, while Orrick, Herrington & Sutcliffe LLP, Greentech Capital Advisors and Scotiabank advised Intersect Power on various aspects of the development partnership and project acquisition.

About SB Energy

SB Energy Global Holdings Ltd., a subsidiary of SoftBank Group Corp., is a global leader in renewable energy. SB Energy has 7.2 GW of solar and wind projects under long-term contract in the United States and India, and more than 1.5 GW in operation. SB Energy’s mission is to provide low-cost renewable energy to customers across the globe, creating value for those customers and for society generally. For more information, visit http://www.sbenergy.com.

About Intersect Power

Founded in 2016, Intersect Power, LLC is a renewable energy development company bringing utility-scale power to wholesale customers and markets, delivering value and viability to both energy buyers and asset owners. The company develops renewable energy assets, including all aspects of siting, permitting, interconnection, power marketing, procurement and finance. Intersect Power has more than 1.7 GWDC of contracted, late-stage solar projects across California and Texas that will be built, owned and operated by SB Energy, along with 2.9 GWDC of early- to mid-stage projects. For more information, visit www.intersectpower.com.

Intersect Power Announces 1.7 GW Portfolio of Shovel-Ready U.S. Solar Projects

Intersect Power Announces 1.7 GW Portfolio of Shovel-Ready U.S. Solar Projects

Signal Energy to lead gigawatt-scale EPC effort, using First Solar advanced PV modules and NEXTracker smart solar trackers

SAN FRANCISCO—Sept. 24, 2019Intersect Power, a utility-scale renewable energy developer, announced today that it has entered late-stage development on a large portfolio of solar power plants with a combined capacity of more than 1.7 gigawatts (GW)DC. The five shovel-ready projects, located in California and Texas, will begin construction in 2020.

Intersect Power has contracted with local utilities and other wholesale energy buyers on a series of power purchase agreements as well as more sophisticated energy or renewable energy credit hedges, securing revenue profiles that offer superior risk-adjusted returns. The well-capitalized company has negotiated a combination of purchase and lease agreements and finalized all material permits for the various sites, which are primarily located on disturbed former agricultural and grazing lands.

“Over the past two years our team of roughly 20 people, with relatively little risk capital, has gone from a flat start to over 1.7 GW of fully developed, contracted, shovel-ready projects. That type of value creation from such a small team is almost unprecedented in the marketplace,” said Sheldon Kimber, CEO and cofounder of Intersect Power. “The fact that this is the second round of such success for this team, having achieved similar results in prior companies, makes it clear that deep expertise and experience are the keys to consistent success in renewable development.”

“Deep partnerships with the most innovative, reliable and collaborative suppliers gives us confidence that these power plants will reliably perform at the top end of expectations and maximize the financial returns to long-term equity investors and asset owners,” he added.

The project team includes some of the leading companies in utility-scale solar. First Solar will supply more than 3.7 million high-performance Series 6 thin-film photovoltaic modules as part of a multiyear deal, while NEXTracker will provide its NX HorizonTM solar trackers equipped with TrueCaptureTM intelligent control software. Signal Energy will be in charge of engineering, procurement and construction (EPC) activities.

“Intersect Power’s gigawatt-scale project portfolio represents an ambitious undertaking by one of the more innovative solar developers in the U.S., and we are honored to be a part of it,” said Georges Antoun, chief commercial officer of First Solar. “Given that this order is the largest one to date for our Series 6 modules, it offers strong validation of the technology’s performance and bankability advantages and speaks to the confidence that Intersect has in our ability to deliver on our commitments.”

“We’ve known Sheldon and the Intersect Power team for years, and are big fans of their sophisticated, next-generation approach to utility-scale solar development,” said Dan Shugar, CEO of NEXTracker. “Playing a major role in these projects represents a big win for NEXTracker, and offers an opportunity to further demonstrate the benefits of our TrueCapture energy yield-boosting, smart tracker control system at scale.”

“Signal Energy’s preconstruction team collaborated closely with Intersect Power very early in the process to find the lowest cost of energy solutions to complete the development of these exciting solar projects,” said Greg Pawson, president of Signal Energy. “We have extensive experience constructing renewables projects in Texas and California, and look forward to working with Intersect to build these power plants and to continue to drive the solar market through creativity and performance while prospering our long-term relationships with all stakeholders in the value chain.”

The cumulative output of the five solar plants will power the equivalent of nearly 357,000 homes and result in some 2.75 million tons of avoided CO2 emissions per year. Details of the projects are as follows (MWDC):

  • Juno, Borden County, TX: 425 MW; scheduled to begin construction February 2020.
  • Titan, Culberson County, TX: 375 MW; scheduled to begin construction March 2020.
  • Aragorn, Culberson Country, TX: 250 MW; scheduled to begin construction June 2020.
  • Athos I, Riverside County, CA: 350 MW; scheduled to begin construction June 2020.
  • Athos II, Riverside County, CA: 300 MW; scheduled to begin construction October 2020.

Building on a shared decade of utility-scale solar, the Intersect Power team leverages creativity along with financial and energy market sophistication into innovative solutions that address rapidly evolving needs of offtakers and long-term asset owners alike. The team continues to develop partnerships across the full supply chain, expand its greenfield pipeline, and aggressively pursue innovative technologies, structures and business models to answer the question of what comes next in renewable infrastructure development and finance.

About Intersect Power
Founded in 2016, Intersect Power is a renewable energy development company bringing utility-scale power to wholesale customers and markets, delivering value and viability to both energy buyers and asset owners. The company develops renewable energy assets from initial idea to construction, including all aspects of siting, permitting, interconnection, power marketing, procurement and finance. Intersect Power has more than 1.7 GWDC of contracted, late-stage solar projects and another 3 GWDC of early- to mid-stage pipeline across California and Texas. For more information, visit www.intersectpower.com.

About First Solar
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.

About NEXTracker
NEXTracker, a Flex company, advances the power plant of the future with smart solar trackersenergy storage systems and TrueCapture™ advanced control software that yields additional energy, optimizes performance and reduces costs for project and plant owners. As the number-one tracker supplier worldwide with over 22 GW delivered or under fulfillment, NEXTracker is globally recognized for delivering smart and connected energy systems for hundreds of projects across five continents. Headquartered in the San Francisco Bay Area, the company has offices in Europe, Australia, India, and Latin America. For more information, visit NEXTracker.com and follow the company on Twitter and LinkedIn.

About Signal Energy
Signal Energy, headquartered in Chattanooga, TN, is a leading full-service design/build contractor providing engineering, procurement and construction (EPC) services for utility-scale renewable energy projects.  Signal Energy is the renewable energy subsidiary of EMJ Corp. For more information, visit www.signalenergy.com.