National Grid Renewables Orders 1.6 GW of First Solar Modules

Rhea-AI Summary

First Solar has secured a contract to deliver 1.6 GW of its Series 7 thin film solar modules to National Grid Renewables, following a prior agreement for 2 GW. Deliveries are scheduled for 2026 and 2027. This deal extends their partnership to over 4 GW in total. The Series 7 modules are noted for their efficiency and environmentally responsible production methods. First Solar is also investing $1.3 billion to expand its manufacturing capacity in the U.S., aiming for over 10 GW annual capacity by 2025.

Positive

• Secured a contract for 1.6 GW of solar modules, extending total supply to National Grid Renewables to over 4 GW.
• Investment of approximately $1.3 billion in expanding manufacturing capacity, aiming for over 10 GW annual capacity by 2025.

Negative

• None.

Order for advanced thin film solar modules, with deliveries in 2026 and 2027, follows prior 2 GW order

TEMPE, Ariz., Dec. 15, 2022 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) has entered into an agreement to supply 1.6 gigawatts (GW)_DC of its high-performance, responsibly produced Series 7 thin film solar modules to National Grid Renewables. The deal was booked prior to the release of First Solar’s Q3 2022 earnings in October and the modules are scheduled to be delivered in 2026 and 2027.

This latest order expands First Solar’s relationship with National Grid Renewables to over 4 GW_DC, with an earlier agreement for 2 GW_DC of modules announced in June 2022. National Grid Renewables and First Solar have also partnered on multiple projects over a decade-long relationship that includes the 200-megawatt (MW) Prairie Wolf Solar Project in Illinois and the Noble Solar (275 MW) and Storage (125 MWh) Project in Texas.

A Minneapolis-headquartered business, National Grid Renewables is part of the Ventures division of National Grid plc and has a portfolio of solar, wind, and energy storage projects located throughout the US in various stages of development, construction, and operation.

“We are pleased to further expand both our partnership with First Solar and our commitment to using responsibly produced solar technology to power our near-term project pipeline,” said Andy Cukurs, chief operating officer, National Grid Renewables. “These modules will be deployed in projects throughout the United States, bringing clean energy and economic benefits to communities across the country.”

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.

“National Grid Renewables is an experienced developer and operator of large-scale solar projects and its decision to invest in Series 7 is a testament to the track record of our CadTel platform, and its ability to enhance the competitiveness of solar assets,” said Georges Antoun, chief commercial officer, First Solar. “It is also a testament to our value proposition of providing our customers and partners with long-term supply certainty and lower political and compliance risks. This critical point of differentiation separates us from many of our competitors.”

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 have the lowest carbon and water footprint of any commercially available PV technology today.

Additionally, First Solar’s differentiated thin film semiconductor, integrated manufacturing process and tightly controlled supply chain helps eliminate the risk of exposure to solar supply chains identified by the US Department of Labor’s 2022 List of Goods Produced by Child Labor or Forced Labor as being tainted by forced labor. 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. The company is also the first PV manufacturer to have its product included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics.

First Solar, the only US-headquartered company among the world’s largest solar manufacturers, is expanding its manufacturing capacity. In addition to a third factory under construction in Ohio, the company recently announced an investment of approximately $1.3 billion in expanding its Ohio manufacturing footprint and a new manufacturing facility, its fourth American manufacturing facility, in Alabama. This latest investment is expected to bring First Solar’s total investment in American manufacturing to over $4 billion, while its annual US manufacturing capacity is forecast to expand to over 10 GW_DC by 2025. The company also announced a $270 million investment in a dedicated research and development (R&D) innovation center in Perrysburg, Ohio, which, contingent upon permitting and pending approval of various state, regional and local incentives is expected to be completed in 2024.

About National Grid Renewables
National Grid Renewables, part of the National Grid Ventures division of National Grid plc (NYSE: NGG), develops and operates large-scale renewable energy assets across the United States, including solar, wind and energy storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects to repower America’s electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future. National Grid Renewables supports National Grid’s vision of being at the heart of a clean, fair, and affordable energy future for all. To learn more about National Grid Renewables, visit https://nationalgridrenewables.com/ or follow the company on Twitter or LinkedIn.

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 an order for 1.6 GW_DC of solar modules by National Grid Renewables; First Solar’s plan to invest approximately $1.3 billion in building a fourth factory in Alabama 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 over $4 billion, and its expectation that its annual US manufacturing capacity will expand to over 10 GW by 2025; and our intention to invest approximately $270 million in a dedicated R&D innovation center and our expectation that, contingent upon permitting and pending approval of various state, regional and local incentives, this innovation center will be commissioned in 2024. 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	Investors Robyn Remes First Solar Investor Relations investor@firstsolar.com
Lindsay T. Smith National Grid Renewables press@nationalgridrenewables.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae90e534-1b05-4c29-b9ba-b43857078d17

FAQ

What recent contract did First Solar, ticker FSLR, secure?

First Solar secured a contract to supply 1.6 GW of Series 7 solar modules to National Grid Renewables, with deliveries scheduled for 2026 and 2027.

How much is First Solar investing in manufacturing?

First Solar is investing approximately $1.3 billion to expand its manufacturing capacity in the U.S.

What is First Solar's expected manufacturing capacity by 2025?

First Solar expects to reach over 10 GW of annual manufacturing capacity by 2025.

What is the significance of the Series 7 solar modules?

The Series 7 solar modules are known for their efficiency and environmentally responsible production methods.