Arevon Secures 2 GW Supply of Responsibly Produced American Solar Modules from First Solar

Rhea-AI Summary

Arevon Energy has secured over 2 GW of First Solar's advanced thin film PV modules, enhancing its solar portfolio. This includes approximately 700 MW from prior orders ahead of First Solar's Q2 2022 earnings. The modules will support Arevon's projects across the Midwest and Southwest, aligning with a significant rise in U.S. solar demand, as reported by Wood Mackenzie. First Solar's investment in U.S. manufacturing could reach $4 billion, increasing its capacity to over 10 GW by 2025, thereby bolstering the domestic solar market.

Positive

• Arevon's acquisition of over 2 GW of First Solar modules strengthens its renewable energy pipeline.
• 700 MW of the new supply is from pre-existing orders, indicating strong demand.
• First Solar's investment of up to $1.2 billion for expanding U.S. manufacturing capacity to over 10 GW by 2025 is a positive indicator for long-term growth.

Negative

• None.

Advanced thin film modules to support Arevon’s industry-leading solar portfolio

NEW YORK and SCOTTSDALE, Ariz. and TEMPE, Ariz. , Oct. 27, 2022 (GLOBE NEWSWIRE) -- Arevon Energy, Inc. has secured a more than 2–gigawatt (GW)_DC supply of advanced Series 7 thin film photovoltaic (PV) solar modules from First Solar, Inc. (Nasdaq: FSLR) to support its growing renewable energy portfolio. Approximately 700 megawatts (MW)_DC of the total volume secured includes purchase orders issued prior to the release of First Solar’s Q2 2022 earnings in July this year. These orders will add to Arevon’s existing 2 GW portfolio of operating assets with First Solar modules and will support projects under development in the Midwest and Southwest regions.

“Arevon is at the forefront of powering the energy transition through the development of our nationwide solar pipeline,” said Justin Johnson, Arevon’s chief operating officer. “These orders solidify Arevon’s competitive advantage while ensuring we can deliver innovative solutions to our customers.”

Nationally, the demand for solar has increased substantially. A September 2022 forecast from Wood Mackenzie  estimates that due to recent legislation, the U.S. recorded its largest quarter-over-quarter growth with 10 GW of new utility-scale solar capacity contracts. These orders for modules will ensure that Arevon can execute projects planned to deploy in the next five years.

“We are pleased to further expand our relationship with First Solar and contribute to the expansion of the US solar value chain,” said John Breckenridge, Arevon’s chief executive officer. “Sourcing American solar technology from First Solar allows us certainty of supply and helps mitigate the risk of supply shortages and project delays. More broadly, it also allows us to support US innovation in photovoltaics, and the expansion of domestic solar manufacturing capacity through our procurement strategy.”

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, which have the lowest carbon and water footprint of any commercially available PV technology today, will support Arevon's project pipeline through 2027.

“We’re pleased that Arevon has chosen to double down on its commitment to First Solar’s responsibly produced technology,” said Georges Antoun, chief commercial officer, First Solar. “These multiyear orders reflects a broader trend in the industry where developers are de-risking their project portfolios with strategic, long-term procurement frameworks and sourcing American solar. We are proud to be in a position to enable the growth of leading American developers like Arevon, by providing them with the certainty and long-term visibility they need.”

Developed in close collaboration with Engineering, Procurement, and Construction (EPC) companies, and structure and component providers, First Solar’s Series 7 modules combine the company’s thin film cadmium telluride (CadTel) technology with a larger form factor and a new back rail mounting system to deliver improved efficiency, enhanced installation velocity, and superior lifetime energy performance for US utility-scale PV projects.

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 an investment of up to $1.2 billion in expanding its Ohio manufacturing footprint and a new manufacturing facility, its fourth American manufacturing facility, in the US Southeast. This latest investment is 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 GW_DC by 2025.

About Arevon  
Arevon Energy, Inc. is a leading renewable energy company, supplying clean energy to utilities and corporations across North America. Headquartered in Scottsdale, Ariz., and New York City, Arevon uses innovative approaches and leading-edge technology to finance and manage projects from development through construction to long-term commercial operation. Its financial prowess and industry expertise come together to improve the structure and performance of its platform of wind, solar, and energy storage power plants. Arevon was named one of Arizona’s Top Workplaces in 2022. For more information, please visit: www.arevonenergy.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 the supply of 2 GW_DC of modules to Arevon Energy; First Solar’s plan to invest up to $1.2 billion in building a fourth factory in the US Southeast and expanding the capacity of its existing manufacturing footprint in Ohio; First Solar’s expectation that such investment will bring the company’s total investment in American manufacturing to $4 billion, and its expectation that its annual US manufacturing capacity will expand to over 10 GW by 2025. 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 reuven.proenca@firstsolar.com Jessica Haag Arevon Energy Media jhaag@arevonenergy.com

Investors Robyn Remes First Solar Investor Relations investor@firstsolar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/46c24274-37b4-4c29-b79b-e0a1a6b98e22

FAQ

What is the significance of Arevon's new order from First Solar (FSLR)?

Arevon Energy's new order of over 2 GW of First Solar's PV modules enhances its renewable energy portfolio, supporting projects planned for deployment over the next five years.

How does First Solar's investment impact its future production capacity?

First Solar plans to invest up to $1.2 billion to expand its manufacturing footprint, aiming to increase its annual U.S. manufacturing capacity to over 10 GW by 2025.

What is the estimated growth in demand for solar energy in the U.S.?

According to Wood Mackenzie, the U.S. has seen its largest quarter-over-quarter growth in solar contracts, totaling 10 GW of utility-scale solar capacity.

When was this press release by First Solar (FSLR) announced?

The press release was announced on October 27, 2022.