NEW DELHI, 6 Sep. 2012 - First Solar, Inc. (Nasdaq: FSLR) and Green Infra Limited today announced they have concluded an agreement for the supply of First Solar's advanced, thin-film solar modules for a 25 megawattAC (MW) project in India's Rajasthan state.
The project is part of the second batch of utility-scale solar projects concluded under India's Jawaharlal Nehru National Solar Mission, which aims to install 20,000 MW of new solar electricity generating capacity by 2022. First Solar will supply the modules for the project, which has been developed by Green Infra, and Green Infra has awarded the EPC contract to Juwi.
"Today, India is on the path of becoming one of the leading nations in the solar energy sector, and we are excited to be a part of this journey. Our latest project with Green Infra is a significant project under the National Solar Mission that will help India meet its energy security needs," said Sujoy Ghosh, First Solar's India Country Head. "Large-scale solar photovoltaic power plants are the key to achieving economies of scale and reducing the cost of solar electricity for everyone."
"We are pleased to partner with First Solar again for this critical project," said Shivanand Nimbargi, Managing Director and Chief Executive Officer of Green Infra.
The project is expected to produce 46 million kilowatt hour units of clean electricity per year, equivalent to the annual electricity needs of more than 19,000 average Indian households, and to displace more than 44,000 metric tons of CO2 per year based on national averages.
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.
About Green Infra
Incubated by IDFC Private Equity funds in 2008, Green Infra currently has 240 MW of operating assets under management in Tamil Nadu, Karnataka, Maharashtra and Gujarat. It is distinctively positioned as an institutionally-owned and professionally managed enterprise that seeks to become India's leading generation-focused renewable energy company with a diversified portfolio in the wind, solar, small hydro, biomass, and energy efficiency sectors. The company's strategy is defined by innovation in financial and investment structuring, access to cost efficient best-in-class technology, a differentiated power sales strategy and robust execution capabilities.
For First Solar - Genesis Burson-Marsteller
Aakash Aggarwal/Gitanjali Sabikhi
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For Green Infra - Paradigm Shift Public Relations
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First Solar Investors
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SOURCE: First Solar, Inc.