BEIJING--(BUSINESS WIRE)--Nov. 17, 2009--
First Solar, Inc. (Nasdaq: FSLR) today announced a Cooperation Framework
Agreement with the Chinese government that takes another critical step
towards the realization of the world’s largest solar power plant in the
autonomous region of Inner Mongolia, China.
First Solar President Bruce Sohn and Mayor Yun Guangzhong of the Ordos
City Government signed the Cooperation Framework Agreement in the
presence of Chinese Vice Premier Li Keqiang, Vice Minister Liu Qi of the
National Energy Administration, and U.S. Secretary of Energy Steven Chu.
The Agreement between First Solar and Ordos spells out additional
project details and local support that advance the development of the 2
gigawatt (GW) solar power plant and confirm the June 1, 2010 expected
construction start date for the 30 megawatt (MW) Phase 1. First Solar
and Ordos also agreed to establish two committees to ensure the
successful execution of the project and to develop a new energy industry
in Ordos.
“This Cooperation Framework Agreement and its recognition by the
National Energy Administration mark a critical step forward in the
approval process for the Ordos project, one of the world’s most
ambitious renewable energy projects,” said First Solar Chief Executive
Officer Rob Gillette. “It reinforces the commitment of First Solar, the
Chinese government, and the Ordos local government to make an immediate
contribution to the development of a healthy solar industry in China and
to the reduction of greenhouse gas emissions.”
The signing ceremony took place as part of the U.S.-China Summit where
U.S. President Barack Obama and Chinese President Hu Jintao met to
discuss upcoming global climate change negotiations and clean energy,
among other topics. “President Obama’s trip to Beijing is a significant
step forward in further solidifying bilateral relations with China.
First Solar is enthusiastic in contributing to the commercial relations
of our two countries through this Cooperative Framework Agreement,” said
Mr. Gillette.
“Solar energy will play a significant role in achieving China’s low
carbon future,” said Yun Guangzhong, Mayor of Ordos City. “We are very
pleased to be partnering with one of the solar industry’s global leaders
in a project of such significance.”
The 2GW First Solar project is to be built in multiple phases, beginning
with the 30MW Phase 1. Phases 2, 3 and 4 are to be 100MW, 870MW, and
1,000MW, respectively. Phases 2 and 3 are to be completed by 2014 and
Phase 4 is to be completed by 2019. The project is part of a planned
11.95GW New Energy Industry Demonstration Zone in Ordos City, Inner
Mongolia. The New Energy Industry Demonstration Zone is expected to
combine solar, wind, hydroelectric and biomass power sources to provide
a steady supply of renewable energy to the region that includes the
Chinese capital.
Yesterday, Mr. Sohn participated in a Clean Energy Roundtable with
National Energy Administration Vice Minister Liu Qi, Energy Secretary
Chu, Commerce Secretary Locke, U.S. Trade Representative Kirk and a
small group of senior U.S. and Chinese business executives. During the
high-level Roundtable, in which First Solar was asked to address the
significance of renewable energy, Mr. Sohn told participants that
China’s vision and leadership in supporting solar energy and the Ordos
project will “serve as a model of renewable power generation for the
world. Projects such as Ordos will enable significant cost reductions
through scale, and make solar a truly sustainable energy source in the
near future. First Solar is committed to helping build a sustainable
solar industry and low carbon economy in China by bringing advanced
solar PV technology, global experience, and a focus on cost reduction
and environmental sustainability.”
The Cooperation Framework Agreement sets forth the agreement in
principle of the parties concerning the project and related activities.
Final agreement between the parties is subject to the negotiation and
execution of definitive agreements among the parties.
About First Solar
First Solar, Inc. (Nasdaq: FSLR) is changing the way the world is
powered by creating clean, affordable, and sustainable solar energy
solutions. First Solar manufactures solar modules with an advanced
semiconductor technology and provides comprehensive photovoltaic system
solutions. By constantly decreasing manufacturing costs, First Solar is
creating an affordable and environmentally responsible alternative to
fossil-fuel generation. With over 4,000 employees around the world, the
company is headquartered in Tempe, Ariz., and has manufacturing
facilities in Ohio, Germany, and Malaysia. For more information about
First Solar, please visit www.firstsolar.com,
or www.firstsolar.com/media
to download photos.
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.
First Solar filed a Current Report on Form 8-K with the Securities and
Exchange Commission, dated September 8, 2009, which contains additional
information regarding the Memorandum of Understanding referenced in this
news release.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6101416&lang=en
Source: First Solar, Inc.
First Solar, Inc.
China:
Dulce Qu
+ 8610
5816 2550
or
United States:
Alan Bernheimer
+1-602-414-9361
media@firstsolar.com
or
Europe:
Brandon
Mitchener
+49 (6131) 1443-399
media@firstsolar.com
or
Investor
Relations:
Larry Polizzotto
+1-602-414-9300