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Silicon Ranch Commits to Additional 1.5 Gigawatts of First Solar’s American Solar Modules
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Silicon Ranch has procured an additional 1.5 gigawatts (GW) of thin film solar modules from First Solar (FSLR), enhancing its ongoing partnership. This deal builds on a prior 4 GW contract announced in April 2022 and a 700 MW commitment from October 2022, ensuring supply for projects from 2026 to 2027. The agreement supports domestic solar manufacturing and aligns with First Solar's sustainability goals. Silicon Ranch continues to lead in utility-scale solar in the Southeast, managing over 150 solar facilities across 15 states and boasting a successful project execution record. The recent $600 million equity raise positions them for future growth.
Positive
Secured additional 1.5 GW from First Solar, enhancing supply for future projects.
Continues commitment to domestic manufacturing and sustainability.
Expands successful partnership with a trusted industry leader.
Record of successful project execution; owns and operates over 150 solar facilities.
$600 million equity raise supports future project funding.
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None.
Transaction Further Demonstrates Silicon Ranch’s Commitment to Support American Solar Businesses and Decarbonize Its Supply Chain
NASHVILLE, Tenn. & TEMPE, Ariz.--(BUSINESS WIRE)--
Silicon Ranch, one of the nation’s largest independent power producers, has procured an additional 1.5 gigawatts (GW) of advanced American thin film solar modules from First Solar, Inc. (Nasdaq: FSLR). First Solar’s Series 6 Plus modules were designed and developed at the company’s research and development facilities in California and Ohio, and in the United States are manufactured in Ohio.
The deal expands upon the master supply agreement between the two pioneering solar businesses that includes a 4 GW transaction announced in April 2022 and, more recently, a 700 MW commitment announced in October 2022. Whereas the prior agreements will supply Silicon Ranch projects through 2025, this latest expansion will serve Silicon Ranch projects in 2026 and 2027.
Over the past year, Silicon Ranch has demonstrated leadership through its commitment to support domestic manufacturing and to lower the carbon impact of production through significant agreements with First Solar and Nextracker. The expanded partnership with First Solar enables Silicon Ranch to continue sourcing American solar technology from a reliable industry leader with manufacturing facilities across the country. First Solarrecently announced plans to build its fourth American photovoltaic (PV) solar module manufacturing facility in Alabama, further bolstering the domestic solar supply chain in the southeastern United States, a region in which Silicon Ranch pioneered utility-scale solar development.
“Silicon Ranch has an unblemished track record of successful project execution and a reputation as a reliable, trustworthy partner who delivers on our commitments. Our ability to reinforce this meaningful legacy requires deliberate and strategic partnerships, including the relationship we are pleased to expand today with First Solar,” said Reagan Farr, co-founder and chief executive officer at Silicon Ranch. “Through this thoughtful collaboration, we have gained not only the tools we need to best serve the communities where we locate our solar projects, but also the opportunity to further strengthen the domestic solar supply chain and to bring more manufacturing jobs to the U.S.”
“As a company that places Responsible Solar at the core of its business, First Solar values working with partners like Silicon Ranch that share our commitment and invest in lower-carbon solar technology that will benefit our planet, communities, and customers for years to come,” said Georges Antoun, chief commercial officer at First Solar. “Silicon Ranch is a trusted partner that shares our position on supporting the domestic economy, and this expansion of our partnership supports the accelerated deployment of Responsible Solar in America.”
Nashville-based Silicon Ranch pioneered utility-scale solar in the Southeast with the first large-scale solar projects in Tennessee, Georgia, Mississippi, Arkansas, and Kentucky. The company has successfully commissioned every project it has contracted since its inception and has further distinguished itself through its commitment to own and operate each project in its portfolio for the long term. Today Silicon Ranch owns, operates, and maintains more than 150 solar generating facilities in 15 states from New York to California. Earlier this year, Silicon Ranch announced it conducted a $600 million equity raise.
About Silicon Ranch
Founded in 2011, Silicon Ranch is a fully integrated provider of customized renewable energy, carbon, and battery storage solutions for a diverse set of partners across North America. The company is one of the largest independent power producers in the country, with a portfolio that includes more than five gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. Silicon Ranch has the largest utility scale agrivoltaics portfolio in the country under Regenerative Energy® its nationally recognized holistic approach to project design, construction, and land management. This model incorporates regenerative ranching and other regenerative land management practices to restore livelihoods and soil health, biodiversity, and water quality. In 2021, Silicon Ranch acquired Clearloop, which sells up-front carbon credits to businesses of all sizes, enabling them to reclaim their carbon footprint by helping to build new solar projects and bring renewable energy and economic development to distressed communities. To learn more, visit siliconranch.com, regenerativeenergy.org, and clearloop.us. Follow Silicon Ranch on Facebook, Instagram, Twitter, and 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.
