Company’s installed capacity to surpass 400MW in Australia
Company Website:
http://www.firstsolar.com
SYDNEY -- (Business Wire)
First Solar, Inc. (Nasdaq: FSLR) today announced that financial close
has been reached for the Manildra Solar Farm in New South Wales (NSW),
Australia. First Solar will leverage its expertise in utility-scale
solar development to deliver the 48.5 megawatt (MW)AC
project, which will utilize approximately 466,000 First Solar thin-film
photovoltaic (PV) modules and single-axis tracking technology expected
to produce more than 120,000 megawatt-hours of electricity in its first
year of operation. The Manildra Solar Farm will take First Solar's
installed capacity in Australia to more than 400MWAC
when it is complete in 2018.
The Manildra Solar Farm is supported by AUD$9.8 million of grant funding
from the Australian Renewable Energy Agency (ARENA). First Solar has
entered into a 13-year power purchase agreement with EnergyAustralia for
the generated electricity and large-scale generation certificates.
“Today’s milestone is a testament to the ability and experience of First
Solar’s development and delivery team, and we congratulate ARENA and
EnergyAustralia on their commitment to commercially viable projects,”
said Jack Curtis, First Solar’s Regional Manager of Asia Pacific.
“We have witnessed unprecedented cost reductions in large-scale solar in
recent years. As the appetite for this asset class continues to grow,
timely and reliable project delivery will be the strongest driver of
future cost reductions, cementing solar as a competitive energy source
in Australia,” Curtis said.
Located one kilometer east of Manildra in regional NSW, the Manildra
Solar Farm will benefit directly from existing solar supply chains, and
operations and maintenance hubs. It will also provide significant
economic benefits to the region, through the creation of direct and
indirect jobs, supporting small business and developing regional skills
in a growing industry.
“Customers rightly expect access to reliable, affordable and cleaner
supplies of energy, which means the industry needs to evolve,” said
EnergyAustralia Managing Director Catherine Tanna. “The Manildra Solar
Farm is a great example of the projects that will underpin the future of
energy in Australia, and we’re proud to be partnering with First Solar
to bring it to market.”
First Solar is pleased to confirm the appointment of RCR O’Donnell
Griffin Pty Ltd for the engineering, procurement and construction of the
project. Construction is scheduled to commence in the first half of 2017.
Once complete, the project is expected to produce enough solar energy to
serve the needs of approximately 14,000 average NSW homes and displace
more than 91,000 metric tons of carbon dioxide emissions per year – the
equivalent of taking about 24,000 cars off the road.
ARENA CEO Ivor Frischknecht said the Manildra Solar Farm had reached
financial close through ARENA’s groundbreaking large-scale solar
competitive round, which was driving down costs and boosting investment.
“Construction will soon begin at the site, creating new economic
opportunities for Australian businesses and families in the local
region,” Frischknecht said. “By supporting innovators like First Solar,
ARENA has fast-tracked the development of substantial new Australian
industries like the large-scale solar sector, which is now on the cusp
of being commercial.”
First Solar is committed to the communities in which it operates and
thanks the local community in Manildra and the broader region for its
ongoing support.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced module and system technology.
The company’s integrated power plant solutions deliver an economically
attractive alternative to fossil-fuel electricity generation today. From
raw material sourcing through end-of-life module recycling, First
Solar’s renewable energy systems protect and enhance the environment.
For more information about First Solar, 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 statements, among
other things, concerning: effects resulting from certain module
manufacturing changes and associated restructuring activities; our
business strategy, including anticipated trends and developments in and
management plans for our business and the markets in which we operate;
future financial results, operating results, revenues, gross margin,
operating expenses, products, projected costs (including estimated
future module collection and recycling costs), warranties, solar module
technology and cost reduction roadmaps, restructuring, product
reliability, investments in unconsolidated affiliates and capital
expenditures; our ability to continue to reduce the cost per watt of our
solar modules; our ability to reduce the costs to construct PV solar
power systems; research and development programs and our ability to
improve the conversion efficiency of our solar modules; our ability to
expand manufacturing capacity worldwide; sales and marketing
initiatives; and competition. These forward-looking statements are often
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"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. 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. 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 in Item 1A: "Risk
Factors," of our most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and other filings with the Securities and Exchange
Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170326005035/en/
Contacts:
First Solar Media
Jennifer Abbott
+61-2-9002-7736
jennifer.abbott@firstsolar.com
or
First
Solar Investors
Stephen Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
Source: First Solar, Inc.
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