Swift Current Energy, First Solar in Agreement for 2 GW of American Solar Modules

Rhea-AI Summary

First Solar has secured a multi-year agreement with Swift Current Energy to supply 2 gigawatts (GW) of thin film solar modules for 2025 and 2026. This follows a previous order of 1.27 GW from Swift Current, reflecting their growing pipeline in renewable energy. First Solar is expanding its manufacturing capacity with a $1.2 billion investment in Ohio and a new facility in the Southeast, aiming for over 20 GW of global capacity by 2025. The company emphasizes quality and sustainability in its production processes.

Positive

• Secured a 2 GW order from Swift Current Energy for deliveries in 2025 and 2026.
• Expanding manufacturing capacity with a $1.2 billion investment in Ohio and a new factory in the Southeast.
• Expected to reach over 20 GW of global annual manufacturing capacity by 2025.

Negative

• None.

Multi-year order for responsibly produced thin film solar modules with 2025, 2026 deliveries

TEMPE, Ariz., Oct. 26, 2022 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) today announced that it has entered into an agreement to supply Swift Current Energy with 2 gigawatts (GW)_DC of its high-performance, responsibly produced thin film solar modules in 2025 and 2026.

The deal represents Swift Current’s second gigawatt-plus order for First Solar modules. Earlier this year, the Boston-headquartered developer, owner, and operator of utility-scale clean energy assets announced that it placed an order for 1.27 GW_DC of First Solar modules. Founded in 2016, Swift Current has commercialized over 1 GW of renewable energy projects, including utility-scale solar and wind. The company also has a growing pipeline of over 9 GW of planned renewable assets across North America.

“With the US rapidly advancing its energy infrastructure, our project pipeline is growing and we’re focused on ensuring that our capacity comes online as planned,” said Eric Lammers, chief executive officer, Swift Current Energy. “Against this backdrop, it’s crucial that we work with partners like First Solar that will deliver not only high quality, responsibly-made products, but also certainty of supply. We are pleased to expand our partnership with First Solar and are proud to be supporting the growing clean energy manufacturing sector in the US.”

Designed and developed at its research and development (R&D) centers in California and Ohio, First Solar’s advanced thin film photovoltaic (PV) modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. Each module features a layer of Cadmium Telluride (CadTel) semiconductor that is only three percent the thickness of a human hair. Additionally, the company continues to optimize the amount of semiconductor material used by enhancing its vapor deposition process through continued investment in R&D focused on more efficient module technology with a thinner semiconductor layer. First Solar also operates an advanced recycling program that provides closed-loop semiconductor recovery for use in new modules.

“As America’s energy transition gathers pace, it must be underpinned by supply chains that are reliable and robust, and our customers recognize that First Solar is well positioned to provide the long-term certainty they need,” said Georges Antoun, chief commercial officer, First Solar. “Swift Current’s latest order demonstrates that our commitment to Responsible Solar and enabling certainty for our customers are key drivers of demand. We thank them for their continued trust in First Solar and our technology.”

First Solar, the only US-headquartered company among the world’s largest solar manufacturers, is expanding its manufacturing capacity at home and abroad. In addition to a third factory under construction in Ohio, the company recently announced an investment of up to $1.2 billion in expanding its Ohio manufacturing footprint and a new manufacturing facility, its fourth American manufacturing facility, in the US Southeast. This latest investment is expected to bring First Solar’s total investment in American manufacturing to $4 billion, while its annual US manufacturing capacity is forecast to expand to over 10 GW by 2025.

In addition to its Ohio manufacturing facilities, First Solar also operates factories in Vietnam and Malaysia, and is building its first new manufacturing facility in India, which is scheduled to begin operations in the second half of 2023. On completion of its expansion plans in the US and India, the company expects to have over 20 GW_DC of annual global manufacturing capacity in 2025.

About Swift Current Energy
Swift Current Energy is investing in renewable energy to create a sustainable future. The company develops, owns and operates highly competitive, utility-scale wind, solar and energy storage projects across the United States. Founded in 2016, Swift Current Energy is an independent power producer owned by Buckeye Partners, L.P., Nala Renewables, and Swift Current Energy’s management team through its holding company Lookout Ridge Energy Partners. For more information, please visit swiftcurrentenergy.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 an order for 2 GW_DC of solar modules by Swift Current Energy; the expectation that First Solar’s new facility in Tamil Nadu, India will be commissioned in the second half of 2023; the projected nameplate capacity of that facility; the expectation that First Solar’s third factory in the U.S. will come online in 2023; First Solar’s plan to invest up to $1.2 billion in building a fourth factory in the US Southeast and expanding the capacity of its existing manufacturing footprint in Ohio; and First Solar’s expectation that such new investment will scale the company’s annual manufacturing capacity in the US by 4.4 GW_DC allowing it to reach over 20 GW_DC of global annual manufacturing capacity by 2025. 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 Richard Romero First Solar Investor Relations investor@firstsolar.com
Ally Copple Innovant PR for Swift Current Energy Ally@innovantpr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e5501127-d8fc-4f7b-a923-4bebf21f5c65

FAQ

What is the significance of First Solar's 2 GW order with Swift Current Energy?

The 2 GW order reflects First Solar's growing partnerships and demand for its high-performance solar modules, enhancing its market position.

When will First Solar deliver the 2 GW of solar modules to Swift Current Energy?

First Solar is set to deliver the 2 GW of solar modules in 2025 and 2026.

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

By 2025, First Solar aims to achieve over 20 GW of annual global manufacturing capacity.

How much is First Solar investing in its Ohio manufacturing expansion?

First Solar is investing $1.2 billion to expand its manufacturing capacity in Ohio.

What type of solar technology does First Solar provide?

First Solar specializes in responsibly produced thin film solar modules, known for their quality and environmental performance.