TEMPE, Ariz., September 18, 2013 – First Solar, Inc. (NASDAQ: FSLR) announced today that construction has started on the150 megawatt (MW) AC Solar Gen 2 project, which will be the largest solar power plant First Solar has constructed in Imperial County.
Solar Gen 2 will provide approximately 800 jobs during construction and generate about $150,000 in property taxes annually and $4.6 million under the Public Benefits Agreement.
"First Solar is very exciting to begin construction on a third project in the Imperial Valley,” said Anthony Perrino, Construction Director. "With the support of county officials, IID and SDG&E, we are helping to deliver thousands of green jobs, millions of dollars in economic benefits, and clean, renewable energy for Southern California homes.”
Under a 25-year power purchase agreement between SDG&E and First Solar, the 150 MW project will generate enough clean energy to power more than 60,000 average California homes, displacing more than 115,000 metric tons of CO2 per year (the equivalent of taking 22,000 cars off the road) and saving 93,000 metric tons of water per year.
Solar Gen 2, purchased by First Solar from Energy Power Partners in April of 2013, is composed of three neighboring sites: Sonora, Arkansas, and Alhambra. The modules used on this project will be installed on a tracking system, which will follow the sun throughout the day to maximize the amount of power generated.
Construction on Solar Gen 2 is expected to be complete by July of 2014. First Solar also developed and is constructing the 139 MW Campo Verde Project in El Centro, which is expected to be complete by the end of October. Additionally, the company is completing construction of the 130 MW Tenaska Imperial Solar Energy Center South project in Calexico for project owner and developer Tenaska.
About First Solar
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: 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, warranties, solar module efficiency and balance of systems (“BoS”) cost reduction roadmaps, restructuring, product reliability 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 photovoltaic (“PV”) solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “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. 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 Annual Report on Form 10-K for the year ended December 31, 2012, as updated and supplemented by risk factors included in our Prospectus dated June 12, 2013 filed with the SEC pursuant to Rule 424(b)(5) (the “Prospectus”), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.