First Solar to Provide 159 MW in Solar Power Projects for AGL Energy Under Australia's Solar Flagships Program
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar (Nasdaq: FSLR) today announced it will design, construct and
maintain two utility-scale solar photovoltaic (PV) power projects
totaling 159 megawattsAC (MW) for AGL Energy Limited as part
of Australia's Solar Flagships Program. AGL was selected as the
successful proponent in the solar PV category of the program and will
receive federal and state government funding to help deliver on its
commitment to greater investment in renewable electricity generation.
The Australian Government's Solar Flagships Program is one of a number
of programs and market mechanisms providing unprecedented support for
the development of a broad range and scale of solar energy projects and
technologies in Australia. The Solar Flagships Program is offering
funding to support the construction and demonstration of large-scale,
grid connected solar (PV and thermal) power stations in Australia.
Under the program, AGL will develop a 106 MWAC project in
Nyngan and a 53 MWAC project in Broken Hill, both in New
South Wales. First Solar will design and construct the integrated PV
power plants, using its leading engineering, procurement and
construction services and its advanced thin-film PV modules for both
projects. First Solar will also maintain both projects for AGL Energy
for their first five years of commercial operation. The electricity
produced by the projects will be sold under power purchase agreements to
AGL Hydro Partnership, a wholly owned subsidiary of AGL.
The projects will be supported with funding provided by the federal
government and the state government of New South Wales under separate
"This is a significant step forward for the utility-scale solar industry
in Australia—an order of magnitude increase in project size—and a
testimony to the confidence our customers have in First Solar technology
and its performance in some of the hottest and harshest conditions in
the world," said Jim Hughes, First Solar Chief Executive Officer. "These
projects demonstrate First Solar's ability to apply its vertically
integrated capabilities to deliver competitive, comprehensive,
utility-scale solar solutions in future sustainable markets. We look
forward to working with AGL on more projects like this in the future."
On an annual basis, the projects will produce enough electricity to meet
the needs of at least 30,000 Australian homes. The projects are expected
to provide approximately 350 GWh of energy annually.
The projects are expected to create approximately 450 jobs at peak
construction. Construction is expected to begin on both projects in
2014, with commercial operation in 2015. AGL will be the majority owner
of the project vehicle.
"AGL is delighted to be working with the Commonwealth and New South
Wales Governments, the people of Broken Hill and Nyngan, and our project
partner First Solar to deliver these significant renewable energy
projects. These projects represent a tremendous opportunity for AGL and
the broader solar industry to begin the roll-out of solar power as a
meaningful source of generation supply in Australia," said Michael
Fraser, AGL's Managing Director.
AGL is one of Australia's leading integrated renewable energy companies
and is taking action toward creating a sustainable energy future for
investors, communities and customers. Drawing on over 175 years of
experience, AGL operates retail and merchant energy businesses, power
generation assets and an upstream gas portfolio. AGL has Australia's
largest dual fuel customer base. AGL has a diverse power generation
portfolio including base, peaking and intermediate generation plants,
spread across traditional thermal generation as well as renewable
sources including hydro, wind, landfill gas and biomass. AGL is
Australia's largest private owner and operator of renewable energy
assets and is looking to further expand this position by exploring a
suite of low emission and renewable energy generation development
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced thin-film modules. 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 collection and
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 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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Source: First Solar, Inc.
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