PRINCETON, N.J. & TEMPE, Ariz.--(BUSINESS WIRE)--
NRG Energy, Inc. (NYSE: NRG) and First Solar, Inc. (NASDAQ: FSLR) today
announced an agreement for First Solar to construct NRG's 26 megawatt
(AC) Avra Valley solar project near Tucson, Ariz. Electricity from the
Avra Valley solar project will be sold to Tucson Electric Power under a
20-year power purchase agreement.
The project will utilize First Solar's advanced thin-film photovoltaic
technology, mounted on the company's single-axis tracker system, which
rotates the solar modules to follow the sun throughout the day. The
tracker system extends the peak energy production period, providing more
electricity in the afternoon, when energy demand is greatest.
"NRG and First Solar have built a very strong working relationship,
starting with our first 21 megawatt project in Blythe, California, to
our most recently completed 20 megawatt Roadrunner solar generating
station in New Mexico," said James Kelly, Director of Development for
NRG Solar. "We look forward to working with First Solar on the Avra
Valley project that, when completed, will help Arizona meet its
renewable energy goals."
Construction on the project, which is expected to begin this month, will
create an estimated 200 jobs. First Solar expects to complete Avra
Valley by the end of 2012.
"We are proud to once again work with NRG as they add to their renewable
energy portfolio and create clean energy for Arizona," said Jim Lamon,
First Solar Senior Vice President for EPC and Operation and Maintenance.
"We're excited to construct this utility-scale project using our
proprietary tracker system, which maximizes the energy output of a solar
facility."
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor
technology, and is a premier provider of comprehensive photovoltaic (PV)
system solutions. The company is delivering an economically viable
alternative to fossil-fuel generation today. From raw material sourcing
through end-of-life collection and recycling, First Solar is focused on
creating value-driven renewable energy solutions that 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 NRG
NRG is at the forefront of changing how people think about and use
energy. A Fortune 500 company, NRG is a pioneer in developing cleaner
and smarter energy choices for our customers: whether as one of the
largest solar power developers in the country, or by building the first
privately funded electric vehicle charging infrastructure or by giving
customers the latest smart energy solutions to better manage their
energy use. Our diverse power generating facilities can support more
than 20 million homes and our retail electricity providers — Reliant,
Green Mountain Energy Company and Energy Plus — serve more than two
million customers. More information is available at www.nrgenergy.com.
Safe Harbor
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements above
include the expected benefits and timing of the Avra Valley solar
project. Although NRG believes that its expectations are reasonable, it
can give no assurance that these expectations will prove to have been
correct. Factors that could cause NRG's actual results to differ
materially from those contemplated in the forward-looking statements
above include, among others, general economic conditions, hazards
customary in the power industry, weather conditions, competition in
wholesale power markets, the volatility of energy and fuel prices,
failure of customers to perform under contracts, changes in the
wholesale power markets, unanticipated outages at our generation
facilities, the inability to access other financing arrangements, the
inability to implement value enhancing improvements to plant operations
and companywide processes, our ability to create and maintain successful
partnering relationships.
NRG undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. The foregoing review of factors that could cause NRG's actual
results to differ materially from those contemplated in the
forward-looking statements included in this news release should not be
construed as exhaustive. For more information regarding risks and
uncertainties that may affect NRG's future results, review NRG's filings
with the Securities and Exchange Commission at www.sec.gov.
First Solar Contacts
Media:
Alan Bernheimer,
415-935-2499
Public Relations Director, Americas
media@firstsolar.com
or
Investors:
David
Brady, 602-414-9315
Vice President, Investor Relations
dbrady@firstsolar.com
or
Luke
Fairborn, 602-414-9315
Director, Investor Relations
lucas.fairborn@firstsolar.com
or
Michelle
Pereira, 602-414-9315
Manager, Investor Relations
michelle.pereira@firstsolar.com
or
NRG
Contacts
Media:
Meredith Moore, 609-524-4522
Lori
Neuman, 609-524-4525
or
Investors:
Chad Plotkin,
609-524-4526
Stefan Kimball, 609-524-4527
Source: First Solar, Inc.
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