Solar industry leaders launch JV to fulfill projects in Europe, North
Africa and US
MAINZ, Germany & TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq:FSLR) and BELECTRIC Holding, GmbH today
announced the launch of a Joint Venture (JV) that will realize solar
energy projects on three continents. The JV - PV Projects GmbH & Co. KG
- is based in Germany and will be tasked with developing selected
photovoltaic (PV) power projects independently acquired or developed by
either of the two companies in Europe, North Africa, as well as projects
of fewer than 20 megawatts (MW), in the United States.
Under the terms of the JV - which is subject to approval from the
relevant governmental merger control authorities - First Solar will
supply its advanced thin-film modules, selected components such as the
First Solar Tracker and value-added services; while BELECTRIC will
provide its advanced Balance of Systems (BoS) and a range of service
capabilities. Both companies' engineering, procurement and construction
(EPC) contributions will vary by project and geography. The JV's
emphasis on the sub-20MW segment in the United States will include
BELECTRIC's existing 280MWp pipeline in the country, along with other
opportunities. The non-exclusive agreement will also allow both
companies to independently and competitively pursue development
prospects and corresponding EPC work.
The announcement is the latest milestone in a longstanding partnership
that spans over a decade: the two companies recently marked the
inauguration of the 128MWp Templin solar power plant in Germany, the
largest deployment of First Solar modules in Europe. An estimated 80% of
the 1,400 MWp of solar electricity generation capacity installed by
BELECTRIC, is powered by First Solar modules.
"With its industry-leading capabilities, this joint venture will ensure
that our individual project obligations are delivered to the highest
standards," said Jim Hughes, First Solar's Chief Executive Officer.
"First Solar and BELECTRIC share a long history of excellence and we are
confident about the future of this initiative, which is based on a firm
foundation of mutual trust, expertise and a track record that is
unrivalled in the solar energy industry."
As a vertically integrated solar energy company, First Solar has been
leading the charge towards affordable, reliable and accessible solar
electricity on a global scale. Today, the company is the world's leading
provider of comprehensive photovoltaic (PV) energy solutions, with a
pipeline of over 3 Gigawatts (GW) of contracted solar power plants and
over 7GW installed worldwide. A global market leader, First Solar's
commercial footprint spans six continents, with manufacturing facilities
in the US and Malaysia.
"We are happy to celebrate this important new milestone in our long-term
partnership with First Solar," said Bernhard Beck, Chief Executive
Officer of BELECTRIC Holding. "By joining forces to create a world-class
project delivery platform, we hope to strengthen both companies'
relationships with key stakeholders including project developers and
investors at a time when prices of electricity from solar power plants
can already compete with the prices for conventionally generated
electricity in a growing number of regions."
BELECTRIC is a technology leader in the development and construction of
utility-scale ground-mounted solar power plants and roof-mounted
photovoltaic systems. With a presence in more than 20 countries and a
global pipeline of 5GWp in different stages of development, the
company's high degree of vertical integration in its development and
manufacturing processes has led to it being recognized as an industry
leader.
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 recycling, First
Solar's renewable energy systems protect and enhance the environment.
For more information about First Solar, please visit www.firstsolar.com.
About BELECTRIC®
BELECTRIC is one of the world's most successful companies in the
development and construction of ground-mounted solar power plants and
photovoltaic roof systems. As an international company, BELECTRIC is
represented in more than 20 countries. Its position as a world leader in
technology is the result of a high degree of vertical integration in the
development and manufacturing processes. A belief in the compatibility
of economic and ecological interests has always been the basis for the
sustainable success of our 1,750 employees. More than 100 active patents
are a testament to BELECTRIC's innovative spirit. In addition to solar
power generation, BELECTRIC Drive® concentrates on the combination of
photovoltaics and electromobility. Visit www.belectric.com
for further information.
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.
For First Solar
Media
Steve
Krum
First Solar Global Communications
+1-602-427-3359
Stephen.Krum@firstsolar.com
or
Reuven
Proença
First Solar EMEA Communications
+971-0-50-4367-158
reuven.proenca@firstsolar.com
or
Investors
David
Brady
+1-602-414-9315
dbrady@firstsolar.com
or
Ryan
Ferguson
+1-602-414-9315
rferguson@firstsolar.com
or
For
BELECTRIC
Florian Dittert
Press Officer, BELECTRIC
Solarkraftwerke GmbH
+49-0-9385-9804-5706
florian.dittert@belectric.com
Source: First Solar, Inc.
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