Silicon Ranch, First Solar expand partnership with 700 MW of American solar modules

Rhea-AI Summary

Silicon Ranch and First Solar have expanded their partnership with a new 4-gigawatt supply agreement, building on their previous agreement from April 2022. This strategic collaboration reinforces their commitment to responsibly produced solar technology developed in the U.S. and supports the domestic energy transition. Silicon Ranch has secured an additional 700 megawatts of advanced solar modules to enhance its projects. The partnership aims to improve the carbon footprint of the supply chain and promote job creation and innovation in American solar technology.

Positive

• Expansion of partnership with First Solar enhances supply agreement to a total of 4 GW.
• Silicon Ranch secures an additional 700 MW of advanced thin-film solar modules.
• Focus on domestic production advances U.S. energy transition and reduces supply chain risks.

Negative

• None.

• Transaction expands upon 4-gigawatt (GW) supply agreement announced in April 2022
• Strategic partnership further advances domestic energy transition with a commitment to responsibly produced solar technology designed and developed in US
• Silicon Ranch pioneered deployment of First Solar technology in the Southeast in 2015

NASHVILLE, Tenn. & TEMPE, Ariz.--(BUSINESS WIRE)-- Silicon Ranch, one of the nation’s largest independent power producers, and First Solar, Inc. (Nasdaq: FSLR), America’s largest solar manufacturer, have expanded the 4 gigawatt master supply agreement (MSA) that the partners announced in April 2022. To support its growing portfolio of contracted solar projects, Silicon Ranch has secured an additional 700 megawatts (MW) of advanced, responsibly produced, thin film photovoltaic (PV) solar modules, designed and developed in the United States.

The growing partnership between Silicon Ranch and First Solar dates back to 2015, when Silicon Ranch became the first owner-operator of PV plants to utilize First Solar technology on projects in the southeastern US. The expanded agreement reinforces a shared commitment by both best-in-class solar businesses to increase domestic supply and promote lower-carbon production processes. The emphasis on securing American solar technology enables Silicon Ranch to support US innovation, manufacturing expansion and job creation; improve the carbon footprint of its supply chain; and reduce volatility and logistics risks.

Notably, this expansion represents the latest partnership development for Silicon Ranch that supports domestic infrastructure. In addition to its significant long-term agreements with First Solar, the company has recently announced new agreements with strategic US partners, including one with Nextracker to improve the carbon footprint of its tracker supply, while supporting additional investments in US manufacturing capabilities. Silicon Ranch maintains a consistent feedback loop with its strategic partners, including First Solar, to leverage its experience as a long-term owner and operator to provide critical insights in an effort to advance robust designs and elevate industry standards.

“One of our guiding principles at Silicon Ranch is that we choose the right path over the easier path to get the job done, and this agreement with First Solar represents the ‘right path’ for our module supply,” said Reagan Farr, co-founder and chief executive officer at Silicon Ranch. “In recent months, Silicon Ranch has re-affirmed our leadership in supporting US solar manufacturers and decarbonizing our supply chain, and we are pleased to achieve this progress by working collaboratively with our strategic partners to deliver the best possible power plants to serve our customers and communities across the US.”

“Since the beginning of our relationship, it has been clear that Silicon Ranch places genuine emphasis on responsible solar development, and with the lowest carbon and water footprint of any commercially available PV technology, First Solar delivers reliable and responsibly produced modules right in line with this vision,” said Georges Antoun, chief commercial officer at First Solar. “We are pleased to expand First Solar’s role as Silicon Ranch’s trusted partner with another long-term module supply agreement.”

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 US 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 helps businesses of all sizes reclaim their carbon footprint with a direct investment in building new solar projects while helping to 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.

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 700 MWDC of solar modules for Silicon Ranch Corporation and 2) a previously announced Module Sale Agreement for 4 GWDC of solar modules for Silicon Ranch Corporation. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221020005282/en/

Media:

Reuven Proença

First Solar Media

reuven.proenca@firstsolar.com

Katie Jacobs

Quarter Horse PR for Silicon Ranch

katie@qh-pr.com

Source: Silicon Ranch

FAQ

What is the recent partnership announcement between First Solar and Silicon Ranch?

Silicon Ranch has expanded its partnership with First Solar through a new 4-gigawatt supply agreement, building on a previous agreement from April 2022.

How much additional capacity has Silicon Ranch secured from First Solar?

Silicon Ranch has secured an additional 700 megawatts of advanced solar modules from First Solar.

When was the initial supply agreement between Silicon Ranch and First Solar announced?

The initial supply agreement was announced in April 2022.

How does the partnership support the U.S. energy transition?

The partnership emphasizes responsibly produced solar technology and aims to promote job creation and innovation in the U.S.

What are the benefits of the newly expanded agreement for First Solar?

The expanded agreement reinforces First Solar's role in providing responsibly produced solar modules and strengthens its partnership with Silicon Ranch.