Terabase Energy Acquires PlantPredict Utility-Scale Solar Energy Modeling Tool from First Solar

Rhea-AI Summary

Terabase Energy has announced the acquisition of PlantPredict, a predictive solar energy modeling tool, from First Solar (FSLR). Though financial terms were not disclosed, this acquisition complements Terabase's strategy to enhance its digital solutions in solar energy. PlantPredict has been used globally for over a decade, aiding in the financing of numerous solar power plants. This transaction, expected to close in October 2021, will also see the PlantPredict team join Terabase, aligning with the company's goal to lower solar costs below $0.01 per kWh by 2025.

Positive

• Acquisition enhances Terabase's digital ecosystem, integrating a proven tool for performance modeling.
• PlantPredict's extensive use in financing solar projects indicates strong market demand and reliability.
• Terabase aims to reduce solar energy costs below $0.01 per kWh by 2025, indicating potential for significant market impact.

Negative

• None.

BERKELEY, Calif. and TEMPE, Ariz., Aug. 25, 2021 /PRNewswire/ -- Solar digital solutions startup Terabase Energy today announced that it has signed a definitive agreement to acquire PlantPredict, a predictive solar energy modeling tool, from First Solar, Inc. (NASDAQ: FSLR), a leading American solar technology company. The terms of the agreement were not disclosed.

PlantPredict is a sophisticated predictive solar energy modeling tool that was developed by First Solar for utility-scale PV applications. Easy to use, with advanced modeling options, PlantPredict reduces energy delivery uncertainty by generating rigorously field-verified energy predictions. PlantPredict has been used by thousands of users around the world over the past 10 years and has been validated by third-party independent engineering firms and peer-reviewed studies. The system has been used in the financing of many gigawatts (GW) of solar power plants, demonstrating the accuracy and bankability of its performance modeling.

Terabase is developing a digital, automation, and smart device ecosystem to drive down solar power prices below $0.01 per kWh by 2025. Its proprietary system is used by more than 400 engineering, procurement, and construction (EPC) firms, developers, and independent power producers in 28 countries.

"Adding an industry-leading, bankable, cloud-based performance tool like PlantPredict to our expanding suite of technical solutions makes strategic sense for Terabase," said Matt Campbell, Terabase CEO. "The future of performance modeling is tighter integration with software-based design, cost estimating and financial modeling and it's important for Terabase to have its own cloud-based performance modeling solution. PlantPredict is a perfect complement to other solutions we offer and have under development."

The First Solar PlantPredict team will join Terabase following the closing of the transaction, which is expected to take place in October 2021. This is Terabase's second acquisition of the year, following its deal to integrate operational technology provider REPlantSolutions earlier this year.

"As we maintain our focus on our advanced module technology, it was important for us to find the right company to integrate PlantPredict into a broader digital energy product portfolio while continuing to raise the bar for solar energy modeling," said Nick Strevel, vice president, Product Development, First Solar.  "PlantPredict users have long enjoyed rapid, highly accurate, and bankable predictions and, looking to the future, can expect to benefit from the platform's integration into other Terabase offerings."

About Terabase Energy

Terabase Energy is a digital solutions company whose products and services reduce costs and accelerate deployment in large scale solar. The company's proprietary software is used by more than 400 engineering, procurement and construction firms, developers, and independent power producers in 28 countries. For more information, visit www.terabase.energy.

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.

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SOURCE Terabase Energy

FAQ

What is the purpose of Terabase Energy acquiring PlantPredict from First Solar?

The acquisition aims to enhance Terabase's digital solutions for solar energy by integrating PlantPredict's performance modeling tools.

When is the acquisition of PlantPredict by Terabase Energy expected to close?

The transaction is expected to close in October 2021.

How will the acquisition of PlantPredict affect Terabase Energy's offerings?

It will expand Terabase's suite of technical solutions and improve integration with cost estimating and financial modeling.

What impact does PlantPredict have on solar energy modeling?

PlantPredict has been validated for accuracy and has been used for financing many gigawatts of solar projects, enhancing bankability.

What are Terabase Energy's goals regarding solar power costs?

Terabase aims to drive down solar power prices below $0.01 per kWh by 2025.