First Solar Completes Sale of US Development Platform to Leeward

Rhea-AI Summary

First Solar, Inc. (FSLR) has successfully completed the sale of a utility-scale solar project platform totaling 10 gigawatts (GW) to Leeward Renewable Energy. This transaction includes the transfer of over 50 project development team members to Leeward, which is backed by OMERS Infrastructure. This sale aligns with First Solar's strategy to enhance its renewable energy offerings and operational efficiency, reflecting a strong commitment to sustainable energy solutions.

Positive

• Successful sale of utility-scale solar project platform totaling 10 GW.
• Transfer of over 50 project development team members enhances operational capacity.

Negative

• None.

DALLAS and TEMPE, Ariz., April 01, 2021 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR), announced that it completed the previously announced sale of a utility-scale solar project platform of approximately 10 gigawatts (GW)_AC to Leeward Renewable Energy, LLC (“Leeward”), yesterday.

As part of Leeward’s acquisition of the US project platform, more than 50 members of the First Solar project development team have joined Leeward. Headquartered in Dallas, Texas, Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans.

About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy solutions protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

About Leeward Renewable Energy, LLC
Leeward Renewable Energy is a growth-oriented renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$105 billion in net assets (as at December 31, 2020). For more information, visit www.leewardenergy.com.

Media Reuven Proença First Solar Media reuven.proenca@firstsolar.com Kelly Kimberly Sard Verbinnen & Co. for Leeward Renewable Energy KKimberly@sardverb.com

Investors Mitchell Ennis First Solar Investor Relations mitchell.ennis@firstsolar.com

FAQ

What is the significance of First Solar's sale of 10 GW to Leeward Renewable Energy?

The sale enhances First Solar's operational efficiency and commits to sustainable energy solutions.

When did First Solar complete the sale of its solar project platform?

First Solar completed the sale on April 1, 2021.

How many employees transferred from First Solar to Leeward Renewable Energy?

More than 50 members of the First Solar project development team joined Leeward.

What is the operational capacity of the solar project platform sold by First Solar?

The sold platform has an operational capacity of approximately 10 gigawatts (GW).

Who is the parent company of Leeward Renewable Energy?

Leeward Renewable Energy is a portfolio company of OMERS Infrastructure.