American Solar: Swift Current Energy Extends First Solar Relationship with 500 MW Order

Rhea-AI Summary

First Solar, Inc. has announced an agreement to supply Swift Current Energy with 500 MW of advanced Series 7 thin film modules. This order builds on their existing relationship, as Swift Current Energy has previously ordered 3.3 GW of First Solar modules. The modules will be delivered between 2027 and 2028.

Order for Series 7 modules, to be delivered between 2027 and 2028, builds on existing 3.3 GW relationship

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (NASDAQ: FSLR) announced an agreement to supply Swift Current Energy with 500 megawatts (MW) of advanced Series 7 thin film modules. Swift Current Energy, a Boston-headquartered developer, owner, and operator of utility-scale clean energy assets, has previously placed orders for 3.3 gigawatts of First Solar modules in 2022. This latest order, which was booked prior to the release of First Solar’s Q3 2023 results on 31 October, will see modules delivered between 2027 and 2028.

First Solar, Inc. announced an agreement to supply Swift Current Energy with 500 megawatts of advanced Series 7 thin film modules. Swift Current Energy, a Boston-headquartered developer, owner, and operator of utility-scale clean energy assets, has previously placed orders for 3.3 gigawatts of First Solar modules in 2022. This latest order, which was booked prior to the release of First Solar’s Q3 2023 results on 31 October, will see modules delivered between 2027 and 2028. (Photo: Business Wire)

Swift Current Energy has commercialized more than 2.5 GW of renewable energy projects, has a project pipeline of more than 10 GW of solar, wind and energy storage, and owns 1.4 GW of renewable energy projects currently in operation or in advanced construction.

“As we continue to progress our US development pipeline, certainty of pricing and supply is essential to ensuring that we deliver capacity as planned,” said Eric Lammers, co-founder and chief executive officer, Swift Current Energy. “This latest agreement with First Solar supports our effort to build a resilient, competitive value chain, while supporting investments in domestic manufacturing, along with the jobs and economic benefits that come with it.”

First Solar’s responsibly produced, advanced thin film photovoltaic (PV) modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. The company’s Series 7 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.

“We are thrilled that Swift Current Energy has chosen to extend its partnership with First Solar to 2028, entrusting a significant portion of its development pipeline to our technology,” said Georges Antoun, chief commercial officer, First Solar. “Their decision speaks volumes to the competitive value that we are able to deliver in terms of energy, certainty of pricing and supply, and an advanced PV module that is responsibly produced in America, for America.”

First Solar is the largest solar manufacturer in the Western Hemisphere, with approximately 6 GW of operational, fully vertically integrated nameplate capacity in the US. The company has embarked on an expansion strategy that is forecast to grow its footprint to 14 GW of nameplate capacity in the US and 25 GW globally by 2026. In addition to its third Ohio factory, commissioned earlier this year, First Solar anticipates further expanding its footprint in the state by 0.9 GW while building new manufacturing facilities in Alabama and Louisiana, each with an expected annual nameplate capacity of 3.5 GW.

The Alabama and Louisiana facilities, which are expected to represent over $2 billion in investment and are forecast to begin commercial shipments in 2024 and 2026, respectively, are designed to produce the Series 7 modules ordered by Swift Current and expected to be made with 100% US-made components identified in the current domestic content guidance issued by the US Department of the Treasury. First Solar anticipates that once its Louisiana factory is completed and ramped, Series 7 modules will account for over two-thirds of its annual domestic nameplate capacity. Series 7 modules currently produced at the company’s Ohio facility are already manufactured with US-made glass and steel.

About Swift Current Energy

Swift Current Energy is investing in renewable energy to create a sustainable future. Founded in 2016, the company develops, constructs, owns and operates highly competitive, utility-scale wind, solar and energy storage projects across the United States. BAES Infrastructure is the majority owner of Swift Current Energy, with the other owners being IFM Net Zero Infrastructure Fund and Lookout Ridge Energy Partners. For more information, please visit swiftcurrentenergy.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 500 MW of solar modules by Swift Current Energy; 2) the expectation that the modules will be delivered between 2027 and 2028; 3) First Solar’s intent to grow its footprint to 14 GW of nameplate capacity in the US and 25 GW globally in 2026, including plans to expand its Ohio footprint by 0.9 GW, and build new 3.5 GW manufacturing facilities in Alabama and Louisiana. 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/20231101922839/en/

Media

Reuven Proença

First Solar Media

media@firstsolar.com

Ally Copple

Innovant PR for Swift Current Energy

Ally@innovantpr.com

Investors

Richard Romero

First Solar Investor Relations

investor@firstsolar.com

Source: First Solar, Inc.

FAQ

What is the agreement between First Solar and Swift Current Energy?

First Solar has agreed to supply Swift Current Energy with 500 MW of advanced Series 7 thin film modules.

How much has Swift Current Energy previously ordered from First Solar?

Swift Current Energy has previously ordered 3.3 GW of First Solar modules.

When will the modules be delivered?

The modules will be delivered between 2027 and 2028.

What is the current capacity of First Solar's nameplate capacity in the US?

First Solar currently has approximately 6 GW of operational, fully vertically integrated nameplate capacity in the US.

What is First Solar's expansion strategy?

First Solar plans to grow its footprint to 14 GW of nameplate capacity in the US and 25 GW globally by 2026. They anticipate building new manufacturing facilities in Alabama and Louisiana.