Intersect Power expected to be the largest buyer and operator of First Solar technology by 2029
TEMPE, Ariz., November 17, 2022 – First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into agreements to supply an additional 4.9 gigawatts (GW)DC of its high performance, responsibly produced, thin film photovoltaic (PV) solar modules to Intersect Power, LLC. When combined with a previously announced agreement for 2.4 GWDC signed in July 2022, these transactions take Intersect Power’s total orders for First Solar modules this year to 7.3 GWDC. Of the 4.9 GWDC, the agreement to supply 1 GWDC was signed prior to First Solar’s Q3 2022 earnings call in October, while the agreement to supply the remaining 3.9 GWDC was signed subsequent to the October earnings call.
The orders placed by Intersect Power this year will see a combination of First Solar’s Series 6 Plus and Series 7 modules deployed in its solar, storage, and green hydrogen projects coming online across the United States from 2025 to 2029.
“We have an unprecedented opportunity to decarbonize our economy while simultaneously bolstering our manufacturing sector and providing clean energy security,” said Sheldon Kimber, chief executive officer, Intersect Power. “First Solar’s responsibly produced, high-performance modules are the cornerstone of our commitment to American technology and workers. Our country’s energy transition must be American made.”
Prior to 2022, Intersect Power had placed orders for a total of 4.1 GWDC of modules in deals signed in 2019 and 2021. This latest transaction is expected to solidify its position as the world’s largest buyer and operator of First Solar’s US-developed, ultra-low carbon, PV module technology, with an estimated deployed capacity of 11.4 GWDC by 2029.
“Intersect Power was one of the early pioneers of long-term, multi-year procurement and has benefitted from the certainty of supply and stable pricing that this approach delivers,” said Georges Antoun, chief commercial officer, First Solar. “We’re proud of this enduring partnership and we’re thrilled that, as Intersect Power continues to scale, its growth will be underpinned by American solar technology produced by First Solar.”
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 at home and abroad. In addition to a third factory under construction in Ohio, the company recently announced that it is expanding its Ohio manufacturing footprint and a new manufacturing facility, its fourth American manufacturing facility, in the US Southeast. These latest investments are expected to bring First Solar’s total investment in American manufacturing to $4 billion, while its annual US manufacturing capacity is forecast to expand to over 10 GWDC by 2025. The company also announced that it plans to invest approximately $270 million in a dedicated research and development (R&D) innovation center in Perrysburg, Ohio, which is expected to be completed in 2024.
About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is under construction or in operations. The company’s business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets including green hydrogen. To learn more about Intersect Power, visit www.intersectpower.com.
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 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 an order for up to 4.9 GWDC of solar modules by Intersect Power; the expectation that this latest transaction between the parties will make Intersect Power the world’s largest buyer and operator of First Solar’s PV module technology, with an estimated deployed capacity of 11.4 GWDC by 2029; First Solar’s plan to invest up to build a fourth factory in the US Southeast and expanding the capacity of its existing manufacturing footprint in Ohio; First Solar’s expectation that its total investment in American manufacturing will be $4 billion; First Solar’s forecast that its annual US manufacturing capacity will expand to over 10 GWDC by 2025; and First Solar’s intention to invest approximately $270 million in a dedicated R&D innovation center that is expected to be completed by 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.
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