First Solar Acquires 250MW Moapa Project in Nevada from K Road Power
TEMPE, Ariz. & NEW YORK--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) and K Road Power Holdings LLC announced
today that First Solar has acquired from K Road the 250 megawatt (MW)AC
photovoltaic Moapa Solar Project in Nevada.
The Moapa Solar Project, located on the Moapa River Indian Reservation
in Clark County, northeast of Las Vegas, Nevada, is the first
large-scale solar project approved to be built on tribal land in North
America. The project is in an advanced stage of development, and has in
place a 25-year Power Purchase Agreement (PPA) with the Los Angeles
Department of Water and Power (LADWP).
Construction of the project, situated within a 2,000-acre segment of the
Moapa Band of Paiutes tribal land, could start as soon as the fourth
quarter of 2013, and be completed by the end of 2015. The project is
expected to create up to 400 jobs during peak of construction, and
approximately 10 permanent jobs when the power plant is in operation.
First Solar will design and build the project, using its Cadmium
Telluride (CdTe) thin film solar modules.
"First Solar is proud to participate in this landmark project on lands
where it can benefit the economic development of the Moapa Paiute tribe
and serve clean energy to the City of Los Angeles," said Jim Hughes,
First Solar's Chief Executive Officer. "We're excited to build on the
foundation and hard work of K Road and so many key stakeholders to make
this project a reality, establishing a significant source of clean,
renewable energy for the region."
"K Road is pleased to announce the launch of this pioneering project,
and grateful for the stalwart support of our key partners and
stakeholders, the Moapa Tribe, the federal and state agencies, and the
IBEW. These folks have played an invaluable role in helping bring this
novel project to the eve of construction," said William Kriegel, K
Road's Chief Executive Officer. "First Solar's deep experience and
proven capabilities will ensure that the project is expeditiously
completed to the highest standard, while carefully considering the
interests of all stakeholders."
In its first year of operation, the Moapa Solar Project will generate
enough clean energy to power approximately 100,000 average homes. The
project will displace more than 178,000 metric tons of CO2, the
equivalent of taking more than 34,000 cars off the road, and will
displace more than 142,000 metric tons of water consumption annually.
The project will advance tribal economic competitiveness and job
creation, serve as an example of tribal energy self-sufficiency and
sustainability, and encourage further renewable energy projects on
About K Road Power
K Road Power is an independent power developer focused on developing,
financing, owning and operating utility-scale solar projects. Founded
and led by William Kriegel, K Road's senior management is made up of
long time power sector professionals from Sithe Energies, AES
Corporation, Barclays, and Goldman Sachs. Together, K Road principals
have a 25-year history of successfully developing and safely operating
over 20,000 megawatts of conventional and renewable power assets,
consistently creating exceptional value for both shareholders and
project stakeholders. K Road promotes sustainable, renewable energy
development with a focus on reliability and efficiency in concert with
environmental and social responsibility. K Road has offices in New York
City and San Francisco. For more information on K Road Power, go to www.kroadpower.com.
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
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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,
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K Road Power
Source: First Solar, Inc.
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