CORRECTION -- First Solar Completes Sale of Japan Operations & Maintenance Platform to PAG Real Assets

Rhea-AI Summary

First Solar, Inc. (Nasdaq: FSLR) has finalized the sale of its solar operations and maintenance (O&M) platform in Japan to funds managed by PAG Real Assets. The O&M platform includes approximately 665 megawatts (MW) of solar assets under management. Following the sale, most of First Solar's O&M employees in Japan are now part of PAG. PAG, with over $50 billion in assets under management, is a prominent private investment manager focused on the Asia-Pacific region.

Positive

• Completion of the sale of solar O&M platform in Japan indicates successful divestiture.
• Acquisition includes approximately 665 MW of solar assets, enhancing PAG's asset portfolio.

Negative

• Loss of O&M operations in Japan may reduce First Solar's revenue potential from this market.
• Transfer of employees to PAG could lead to operational and continuity challenges for First Solar.

TEMPE, Ariz. and TOKYO, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Please note that the release issued earlier today by First Solar, Inc. (Nasdaq: FSLR), has been corrected as follows:

First Solar, Inc. (Nasdaq: FSLR) has completed the previously announced sale of its solar operations and maintenance (O&M) platform in Japan to funds managed by PAG Real Assets (“PAG”).

The platform has approximately 665 megawatts (MW)_DC of solar assets under management in the country. As part of the sale, the majority of First Solar O&M employees in Japan have joined PAG.

PAG is a leading Asia Pacific-focused private investment manager with more than $50 billion in assets under management.

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.

About PAG
PAG is a leading alternative investment firm focused on APAC with three core strategies: Credit & Markets, Private Equity, and Real Assets. Founded in 1997 as Secured Capital Japan, PAG Real Assets has invested $32 billion across more than 7,000 properties across the Asia-Pacific region. PAG manages capital on behalf of nearly 300 institutional fund investors, including some of the most sophisticated global asset allocators. As of 31 December 2021, PAG had 293 investment professionals in 12 key offices globally. PAG has more than $50 billion in assets under management. For more information, please visit www.pag.com.

Media Reuven Proença First Solar Media reuven.proenca@firstsolar.com

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

FAQ

What did First Solar announce on October 5, 2022?

On October 5, 2022, First Solar announced the completion of the sale of its solar operations and maintenance platform in Japan to PAG Real Assets.

How many megawatts of solar assets did First Solar sell to PAG?

First Solar sold approximately 665 megawatts (MW) of solar assets under management to PAG.

Who are the new owners of First Solar's operations in Japan?

The new owners of First Solar's operations in Japan are funds managed by PAG Real Assets.

What is the impact of the sale on First Solar's employees in Japan?

Following the sale, the majority of First Solar's operations and maintenance employees in Japan have joined PAG.