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.