Intersect Power Orders 2.4 GW of First Solar’s High-Performance Modules

Rhea-AI Summary

First Solar (Nasdaq: FSLR) announced a significant agreement to supply 2.4 gigawatts (GW) of advanced thin film solar modules to Intersect Power. This deal positions Intersect Power to become one of the largest operators of First Solar technology by 2027. The modules will be delivered from 2024 to 2026 for various solar and green hydrogen projects across the U.S. Additionally, First Solar is investing $680 million to expand its manufacturing capacity in Ohio, enhancing its footprint to 6 GW annually, further supporting American jobs.

Positive

• Agreement to supply 2.4 GW of solar modules to Intersect Power.
• Expected to deploy approximately 6.4 GW by 2027.
• Investment of $680 million in expanding US manufacturing capacity.
• Creation of over 2,500 direct jobs and 15,000 indirect jobs in Ohio.
• Modules have a significantly lower carbon and water footprint compared to competitors.

Negative

• None.

Intersect Power expected to be one of the largest buyers and operators of First Solar technology by 2027

TEMPE, Ariz., July 28, 2022 (GLOBE NEWSWIRE) -- US-headquartered First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into an agreement to supply 2.4 gigawatts (GW)_DC of its high-performance, advanced thin film photovoltaic (PV) solar modules to Intersect Power, LLC (“Intersect Power”). The modules are scheduled to be delivered from 2024 to 2026, making Intersect Power, which previously placed orders for a total of 4.1 GW_DC, in 2019 and 2021, one of the world’s largest buyers and operators of First Solar’s responsibly-produced module technology with approximately 6.4 GW_DC expected to be deployed by 2027.

The modules will be deployed in Intersect Power’s solar, storage, and green hydrogen projects coming online across the United States in 2025 through 2027. A large proportion of the modules are expected to be produced in First Solar’s Northwest Ohio manufacturing complex.

“Intersect Power’s ongoing relationship with First Solar has been critical in rapidly scaling our business to meet our vision and reliably delivering our customers value and performance to support their decarbonization goals,” said Sheldon Kimber, chief executive officer, Intersect Power. “We look forward to bringing this large-scale portfolio to operation, and creating good-paying, American jobs in both construction and manufacturing with First Solar’s domestically-produced modules.”

Designed and developed at its research and development (R&D) centers in California and Ohio, First Solar’s responsibly produced advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. The modules have a carbon footprint that is 2.5 times lower and a water footprint that is three times lower than the average crystalline silicon solar panel made with cells produced in China. First Solar also operates an advanced high-value recycling program, which recovers approximately 90 percent of Cadmium Telluride (CadTel) semiconductor material which can be used to manufacture new modules, as well as other materials including aluminum, glass, and laminates. The company currently operates commercial recycling facilities in the US, Germany, Malaysia, and Vietnam. Additionally, First Solar is the only company among the ten largest solar manufacturers globally to be a member of the Responsible Business Alliance (RBA), the world’s largest industry coalition dedicated to supporting the rights and well-being of workers and communities in the global supply chain.

“Intersect Power sets an important example by maximizing the impact of its investments on the US economy without compromising on competitiveness,” said Georges Antoun, chief commercial officer, First Solar. “By powering its growth with American solar, Intersect Power is directly supporting US manufacturing and jobs and enabling a durable domestic supply chain. It is also demonstrating the ability of American solar technology not just to compete, but to help drive our country’s transition to a sustainable energy future.”

First Solar is investing $680 million in expanding America’s domestic PV solar manufacturing capacity by 3.3 GW annually, by building its third US manufacturing facility, in Lake Township, Ohio. The new facility is expected to be commissioned in the first half of 2023 and when fully operational will scale the company’s Northwest Ohio footprint to a total annual capacity of 6 GW, which is believed to make it the largest fully vertically integrated solar manufacturing complex outside of China. First Solar has invested over $2 billion in its US manufacturing footprint and, when its third factory is fully operational, will directly employ over 2,500 people in Ohio, while supporting an estimated 15,000 indirect jobs through its American supply chain.

In addition to its Ohio manufacturing facilities, First Solar also operates factories in Vietnam and Malaysia, and is building a new 3.3 GW factory in India that is expected to be commissioned in the second half of 2023. With First Solar’s expansion in the United States and India and optimization of its existing fleet, the company anticipates that its nameplate manufacturing capacity will double to 16 GW in 2024. First Solar is the only US-headquartered company among the world’s ten largest solar manufacturers.

About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The Company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located storage that will be in operation by 2023. The Intersect team is also planning nearly 1 GW of green hydrogen production. To learn more about Intersect Power, visit www.intersectpower.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 2.4 GW_DC of solar modules by Intersect Power; (2) the expectation that Intersect Power will be one of the largest buyers and operators of First Solar technology by 2027; and (3) First Solar’s plans to establish new factories in the United States and India, the expected capacities of those factories; and First Solar’s resulting global manufacturing capacity. 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 media@firstsolar.com Cate Powers Intersect Power cate@intersectpower.com

Investors Richard Romero First Solar Investor Relations investor@firstsolar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f892eec4-d20d-4a04-9ae3-8bcbbe9359d4

FAQ

What does the new agreement between First Solar and Intersect Power entail?

First Solar will supply 2.4 GW of solar modules to Intersect Power, enhancing their operations and positioning them as a major user of First Solar technology by 2027.

How much is First Solar investing in its manufacturing expansion?

First Solar is investing $680 million to expand its manufacturing capacity in Ohio.

When will the solar modules from First Solar be delivered?

The modules are scheduled for delivery from 2024 to 2026.

What is the anticipated deployment capacity from Intersect Power by 2027?

Intersect Power is projected to deploy approximately 6.4 GW of solar power by 2027.