DHURSAR, India - 31 March 2012 -First Solar, Inc. (Nasdaq: FSLR) today announced the commissioning by Reliance Power Ltd., a Reliance ADA Group company, of a 40 megawatt (MW) (AC) ground-mounted solar photovoltaic power plant in the state of Rajasthan that will provide clean energy to Mumbai.The recently completed project was built in just five months.
Comprising some 500,000 First Solar thin-film modules, the power plant near the village of Dhursar in Jaisalmer district of Rajasthan in northwestern India, is expected to generate more than 60 million kilowatt hours (kwh) of clean solar energy a year, making it one of the country's largest photovoltaic power plant in terms of electricity generation. Covering 350 acres, it is 23 times the size of Calcutta's famous Eden Gardens cricket grounds and is expected to satisfy the annual electricity needs of more than 70,000 average Indian households. It will displace more than 60,000 metric tons of carbon dioxide emissions per year, the equivalent of taking more than 25,000 cars off the road.
"We are proud to partner with Reliance on this milestone project," said Mike Ahearn, First Solar Chairman and Interim Chief Executive Officer. "We applaud India on its visionary solar policies and Reliance Power for their leadership in implementing them, and we look forward to helping India realize its solar vision through this and future projects."
"This power plant demonstrates the huge potential of solar energy to help India meet itsgrowing energy needs in the most environmentally friendly manner. It is also a testimony ofthe quick timeframe in which solar power plants can be built and commissioned," said Anil D Ambani, Chairman of Reliance Power.
The Dhursar project is the first of several that Reliance plans to build with First Solar modules as part of a 100MW module order placed last year.
All First Solar modules, including those deployed in this project, are covered by First Solar's industry-leading prefunded collection and recycling program. Anyone wishing to dispose of First Solar modules can request collection at any time, at no additional cost, and First Solar will pick up the modules and recycle the material for use in new solar modules and other glass products. First Solar's continuous manufacturing process also contributes to the company's industry-leading energy payback time and the low carbon footprint of systems using First Solar PV modules.
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that 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 the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
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