Geronimo Energy, First Solar Sign 415MW Series 6 Framework Supply Agreement

Rhea-AI Summary

First Solar has announced a framework supply agreement with Geronimo Energy to deliver 415 MW_DC of Series 6 photovoltaic modules in 2022. This deal expands their collaboration to over 1.4 GW_DC in module technology sales. Geronimo Energy, part of National Grid, operates over 2.4 GW of renewable energy projects. The Series 6 modules are designed for superior environmental performance, boasting a carbon footprint significantly lower than conventional panels. First Solar has also enhanced its manufacturing capacity to meet the growing demand for these modules.

Deal grows Geronimo-First Solar relationship to over 1.4GW_DC of systems and technology sales

TEMPE, Ariz., May 06, 2020 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced that it has entered into a framework supply agreement with Geronimo Energy, a National Grid company. Under the agreement, First Solar will supply 415 megawatts (MW)_DC of its high-performance, eco-efficient Series 6 photovoltaic (PV) modules in 2022. This latest transaction has grown the relationship between the two companies to over 1.4 gigawatts (GW)_DC of both systems and module technology sales.

Geronimo Energy, headquartered in Minneapolis, Minnesota, is a leading American renewable energy company, with over 2.4GW of wind and solar operational or under construction, and a multi-gigawatt development pipeline. Geronimo was acquired by National Grid, one of the world’s largest publicly owned utilities in July 2019.

“Geronimo sees value in optimizing our solar projects with the Series 6 module. Its benchmark-setting degradation rate and lifetime energy yields make it the right choice to support our mission to help repower America’s grid with clean, renewable electricity,” said Nathan Franzen, Vice President of Development, Geronimo Energy. “First Solar and Geronimo have deep roots in the US Midwest and a shared commitment to a sustainable future. A strategic partnership like this helps Geronimo continue its mission to repower rural American communities with renewable energy projects through farmer-friendly development and local economic benefits.”

Designed and developed at the Company’s research and development (R&D) centers in California and Ohio, First Solar’s Series 6 PV module sets industry benchmarks for quality, reliability, design, and environmental performance. With a carbon footprint that is up to six times lower than crystalline silicon PV panels manufactured using conventional, energy-intensive production methods, Series 6 delivers a superior environmental profile and cleaner solar electricity.

“Geronimo and First Solar have a longstanding relationship that’s based on shared values and a common vision for a sustainable energy future,” said Darin Green, Senior Director, Business Development, First Solar. “Geronimo’s evolution into one of the country’s largest and most respected independent power producers is an American success story. As America’s solar company, we’re proud that our Series 6 technology will play a role in their continued growth, enabling the success of their multi-gigawatt US solar pipeline.” 

First Solar recently expanded its manufacturing capacity to meet the demand for Series 6 modules, starting production at its new module manufacturing facility in Lake Township, Ohio, in October 2019. Representing over $1 billion in cumulative investment, the new facility expanded First Solar's annualized manufacturing capacity in the United States to 1.9GW_DC, making it the largest solar manufacturer in the Western Hemisphere.  The Company also operates manufacturing facilities in Vietnam and Malaysia, with a global annualized Series 6 manufacturing capacity of 5.5GW_DC. First Solar recently celebrated two decades since its founding in 1999, and 25GW_DC of PV modules shipped, making it the only American solar module manufacturing company to achieve this milestone. 

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 Geronimo Energy
Geronimo Energy, a National Grid (NYSE: NGG) company, is a leading North American renewable energy development company based in Minneapolis, Minnesota, with satellite offices located throughout multiple states in the regions where it develops, constructs, and operates. As a farmer-friendly and community driven company, Geronimo develops projects for corporations and utilities that seek to repower America’s grid by reigniting local economies and reinvesting in a sustainable future. Geronimo has developed over 2,400 megawatts of wind and solar projects that are either operational or currently under construction, resulting in an investment of over $4 billion in critical energy infrastructure and the revitalization of rural economies. Geronimo has a vast development pipeline of wind and solar projects in various stages of development throughout the United States. Please visit www.geronimoenergy.com to learn more.

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 First Solar’s entry into a 415MW_DC module sales agreement. 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 Conditions 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.     

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45%; width:45%; min-width:45%;">Media  Reuven Proença First Solar Media reuven.proenca@firstsolar.com  Steve Kerekes Kyte Consulting for First Solar steve@jkyteconsulting.com

55%; width:55%; min-width:55%;">Investors  Mitchell Ennis First Solar Investor Relations mitchell.ennis@firstsolar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d899c46d-0df4-4476-aa61-c05827c0cfb0

FAQ

What is the significance of First Solar's agreement with Geronimo Energy?

The agreement represents a supply of 415 MW_DC of Series 6 modules, expanding their partnership to over 1.4 GW_DC in sales.

When will First Solar supply the 415 MW_DC modules to Geronimo Energy?

First Solar will supply the 415 MW_DC of modules in 2022.

How does the Series 6 module from First Solar compare to conventional panels?

The Series 6 module has a carbon footprint up to six times lower than traditional crystalline silicon PV panels.

What are the manufacturing capabilities of First Solar after the recent expansion?

First Solar's manufacturing capacity has expanded to 1.9 GW_DC in the United States, making it the largest solar manufacturer in the Western Hemisphere.