National Grid Renewables Orders 2 GW of Responsibly Produced First Solar Modules

Rhea-AI Summary

First Solar announces a framework agreement with National Grid Renewables for the delivery of 2 GW of advanced thin film solar modules in 2024 and 2025. This partnership underscores a commitment to sustainable energy, leveraging First Solar’s Cadmium Telluride technology known for its lower carbon and water footprints. First Solar is also expanding its manufacturing capabilities with a $680 million investment in Ohio, expected to enhance its annual capacity to 6 GW. The company’s efforts in both the U.S. and India aim to double its manufacturing capacity to 16 GW by 2024.

Positive

• Framework agreement with National Grid Renewables for 2 GW of solar modules boosts future revenue potential.
• Planned expansion of manufacturing capacity to 16 GW by 2024 enhances competitive position.
• $680 million investment in Ohio manufacturing facility demonstrates commitment to growth and job creation.

Negative

• None.

Deliveries of advanced, lower carbon thin film solar modules scheduled for 2024 and 2025

TEMPE, Ariz. and MINNEAPOLIS, Minn., June 23, 2022 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) signed a framework agreement with National Grid Renewables for 2 gigawatts (GW)_DC of advanced, responsibly-produced thin film photovoltaic (PV) solar modules. Scheduled for delivery in 2024 and 2025 throughout the United States, the contracted modules are part of First Solar’s advanced Cadmium Telluride (CadTel) thin film module technology platform. The deal was booked prior to the release of First Solar’s Q1 2022 earnings in April.

Over the past decade, National Grid Renewables and First Solar have partnered on multiple projects, including the recently operational 200-megawatt (MW) Prairie Wolf Solar Project in Illinois and the currently under construction Noble Solar (275 MW) and Storage (125 MWh) Project in Texas. As a farmer-friendly and community-focused company, National Grid Renewables develops projects for corporations and utilities that seek to repower America’s electricity grid by reigniting local economies and reinvesting in a sustainable future. A Minneapolis-headquartered business, National Grid Renewables is part of the Ventures division of National Grid and has a portfolio of solar, wind, and energy storage projects located throughout the US in various stages of development, construction and operation.

“National Grid Renewables and First Solar share more than just deep roots in the US Midwest and a longstanding strategic partnership. We share a common view on the need to create a sustainable energy future,” said Nathan Franzen, Vice President, Development for National Grid Renewables. “We’re pleased to be working with First Solar as we continue on our mission to deploy clean, economically beneficial and community-focused solar energy projects, powered by responsibly produced American solar technology.”

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. It is the only one of the world’s ten largest solar manufacturers 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, and has zero tolerance for forced labor in its manufacturing or its supply chains. First Solar’s 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.

“As America’s solar company, we’re proud of the fact that National Grid Renewables has, once again, selected our technology to power its mission to repower rural American communities,” said Georges Antoun, chief commercial officer, First Solar. “Experienced project developers and owner-operators like National Grid Renewables understand the criticality of both, insulating themselves from pricing and supply volatility, and staying true to their values and principles. Both factors are invaluable in helping them successfully navigate some of the industry’s headwinds.”

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 National Grid Renewables
National Grid Renewables, part of the National Grid Ventures division of National Grid (NYSE: NGG), develops, owns 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 for corporations and utilities that seek 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 (1) an order for 2 GW_DC of solar modules for National Grid Renewables; (2) First Solar’s plans to establish new factories in the United States and India and the expected capacities of those factories; and (3) when those factories are expected to be commissioned and First Solar’s resulting Northwest Ohio and 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 reuven.proenca@firstsolar.com	Investors 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/6593f660-a004-46eb-8791-1701ead9b82b

FAQ

What is the significance of First Solar's agreement with National Grid Renewables?

The agreement entails the delivery of 2 GW of solar modules, positively impacting First Solar's revenue and market presence.

When will First Solar deliver the solar modules to National Grid Renewables?

The deliveries are scheduled for 2024 and 2025.

How much is First Solar investing in expanding its manufacturing capacity?

First Solar is investing $680 million to expand its manufacturing capacity by 3.3 GW annually.

What technology do First Solar's modules use?

First Solar's modules utilize advanced Cadmium Telluride technology, which is noted for its lower carbon footprint.

What is First Solar's expected manufacturing capacity by 2024?

First Solar anticipates doubling its manufacturing capacity to 16 GW by 2024.