American Solar: Longroad Energy Extends Agreement with First Solar, Increases Orders by 2 GW

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First Solar announces agreement with Longroad Energy to procure 2 GW of advanced thin film solar modules

Positive

• Longroad Energy increases total procurement of First Solar modules to approximately 8 GW since 2017

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• None.

Responsibly produced advanced thin film solar modules expected to be delivered between 2027 and 2029

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (NASDAQ: FSLR) today announced that Longroad Energy, a US-based renewable energy developer, owner, and operator, has agreed to procure an additional 2 gigawatts (GW) of advanced thin film American solar modules. The order for responsibly produced solar modules, which are expected to be delivered between 2027 and 2029, builds on an existing 3.7 GW framework agreement between the two companies and increases Longroad Energy’s total procurement of First Solar thin film modules to approximately 8 GW since 2017.

First Solar today announced that Longroad Energy, a US-based renewable energy developer, owner, and operator, has agreed to procure an additional 2 gigawatts (GW) of advanced thin film American solar modules. The order for responsibly produced solar modules, which are expected to be delivered between 2027 and 2029, builds on an existing 3.7 GW framework agreement between the two companies and increases Longroad Energy’s total procurement of First Solar thin film modules to approximately 8 GW since 2017. (Photo: Business Wire)

“Longroad Energy and First Solar share a longstanding partnership that’s based on shared values and a common vision for a sustainable energy future,” said Michael Alvarez, co-founder and chief operating officer, Longroad Energy. “By expanding our procurement of First Solar’s advanced thin film technology, we are extending our commitment to responsibly produced renewable energy technologies and to American solar manufacturing and domestic value chains.”

First Solar’s responsibly produced, advanced thin film photovoltaic (PV) modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. First Solar’s solar modules have the lowest carbon and water footprint of any commercially available PV module today, and it’s the first PV manufacturer to have its product included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics.

First Solar 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 the company has zero tolerance for forced labor in its manufacturing or its supply chains. The company is believed to be the first among the world’s largest solar manufacturers to have conducted third-party social audits across its operational global manufacturing footprint.

“Our ability to deliver certainty of pricing and supply, domestic manufacturing and supply chains, and a responsibly made solar module optimized for energy provides the value customers, such as Longroad, seek,” said Georges Antoun, chief commercial officer, First Solar. “We are thrilled that Longroad Energy has decided to underpin its continued growth with First Solar’s technology and look forward to growing this partnership.”

Since the start of this decade, First Solar has embarked on a manufacturing expansion strategy that has seen it grow from approximately 6 GW in 2020 to 13 GW of global operational nameplate capacity today, with further expansion expected to take it to 25 GW of global nameplate capacity in 2026. First Solar commissioned its third Ohio factory earlier this year and is expected to complete a new facility in Alabama and the expansion of its existing Ohio footprint in 2024. The company has also announced that it will complete a fifth US facility, to be located in Louisiana, in the first half of 2026. Additionally, the company is investing up to $370 million in a dedicated R&D innovation center in Perrysburg, Ohio, which is expected to be completed next year.

About Longroad Energy Holdings, LLC

Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Longroad has developed or acquired 4.3 GW of renewable energy projects across the United States and has raised $10 billion of equity, debt, and tax equity to support completion of its portfolio. Today, Longroad owns over 2.4 GW of wind, solar, and storage projects, which are operating or under construction, and operates and manages a total of 4.0 GW on behalf of Longroad and third parties. Longroad is owned by the NZ Superannuation Fund, Infratil Limited, MEAG MUNICH ERGO Asset Management, and Longroad Energy Partners, LLC. For more information, please visit www.longroadenergy.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 1) an order for approximately 2 GW of solar modules by Longroad Energy; 2) the expectation that the modules will be delivered between 2027 and 2029; 3) First Solar’s plan to complete its fourth factory in Alabama and expansion of its existing manufacturing footprint; 4) First Solar’s expectation that it’s new manufacturing facility in Louisiana will be completed in the first half of 2026; and 5) the expectation that it will invest up to $370 million in a dedicated R&D innovation center in Ohio that will be completed in 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, as supplemented by our other filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230912896457/en/

Media

Reuven Proença

First Solar Media

media@firstsolar.com

Heather Robb

Longroad Energy Media

heather@hrobb.com

Investors

Richard Romero

First Solar Investor Relations

investor@firstsolar.com

Source: First Solar, Inc.