TEMPE, Ariz. and BOSTON, Mass., January 13, 2022 – First Solar, Inc. (Nasdaq: FSLR) today announced that Swift Current Energy, a Boston-headquartered developer, owner and operator of utility-scale clean energy assets, has placed an order for 1.2 gigawatts (GW)DC of First Solar’s advanced, ultra-low carbon thin film photovoltaic (PV) solar modules. The modules will be delivered in 2023 and 2024.
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 6 GW of planned renewable assets across North America.
“This is our largest procurement yet and demonstrates our ongoing commitment to investing in renewable energy to create a sustainable future,” said Eric Lammers, chief executive officer, Swift Current Energy. “First Solar, with its record of quality and sustainability, is a great match for our team and will support our work to develop, construct and own best-in-class renewable energy projects safely, on time and within budget.”
“We pride ourselves on responsibly developing high impact projects for our host communities and constructing projects safely, taking a considerate approach every step of the way,” said Matt Birchby, president, Swift Current Energy. “As a renewable energy developer and a long-term owner, it’s essential for Swift Current to have the highest-performing, safest and most cost-effective products. We are excited to work with First Solar and look forward to bringing our most significant solar projects to date online.”
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. First Solar also operates an advanced recycling program that recovers more than 90 percent of CadTel for use in new modules.
“As US project developers look for reliable module supply partners, we’re able to support their needs not only with advanced technology that reliably performs in the field, but also with our ability to provide long-term pricing and supply commitments,” said Georges Antoun, chief commercial officer, First Solar. “We’re proud that the team at Swift Current, with their responsible approach to solar project development, chose to place their trust in us and our technology. As America’s solar company, we look forward to enabling their efforts to support our country’s march towards sourcing 45% of its electricity from solar by 2050 with responsible solar technology that is designed and developed in the United States.”
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.
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 by 2024.
About Swift Current Energy
Swift Current Energy acquires, develops, constructs, owns and operates highly competitive, utility-scale wind, solar energy and battery storage projects across the United States. Backed by Buckeye Partners, L.P. and Nala Renewables, Swift Current has commercialized 1.1 GW of renewable energy projects and has a growing project pipeline with more than 6 GW across North America. Swift Current Energy is headquartered in Boston, Massachusetts and has offices in Illinois, Maine, Montana and Texas, USA.
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 1.2 GWDC of solar modules by Swift Current Energy; (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.
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