EL PASO, Texas & TEMPE, Ariz. & SANTA FE, N.M.--(BUSINESS WIRE)--
El Paso Electric Power (NYSE: EE), The New Mexico State Land Office and
First Solar, Inc. (NASDAQ: FSLR) announced today that construction has
commenced on what will be the state's largest solar power plant, located
on State Trust Land near Deming in Luna County.
While in the construction phase, the Macho Springs Solar Project will
provide approximately 300 jobs. Construction is expected to be completed
by May of 2014, and the active power plant will include three
operational and maintenance jobs.
"This is a milestone for not only El Paso Electric, but our customers
and this region," said Tom Shockley, El Paso Electric Chief Executive
Officer. "We look forward to the continued growth of this technology in
a cost effective manner."
"This solar power project will provide clean, efficient solar power for
use by New Mexicans," said New Mexico State Land Commissioner Ray
Powell. "Also, it benefits the local and regional economy include
millions of dollars in direct and indirect economic benefits, and about
300 temporary construction jobs, while at the same time earning money
for our public schools, universities, special schools, and hospitals."
Under a 20-year power purchase agreement between El Paso Electric and
First Solar, the 50MWac project will generate enough clean energy to
power more than 18,000 average customer homes in the El Paso Electric
service territory. The project will displace more than 40,000 metric
tons of CO2, the equivalent of taking 7,500 cars off the
road, and will displace more than 340,000 metric tons of water
consumption annually.
"First Solar values the support and leadership provided by El Paso
Electric and the New Mexico State Land Office for this project," said
Michael Hatfield, First Solar Director of Project Development. "The
Macho Springs Solar Plant will be an exciting addition to the region's
renewable energy resources."
The project represents a system resource for El Paso Electric Company as
the Company will purchase the entire output power from the Macho Springs
solar power project to serve its New Mexico and Texas service territory.
This project was secured by El Paso Electric through an all-source
competitive Request for Proposal process conducted in 2011. The project
will operate on a commercial lease from the State Land Office on about
500 acres of land at Macho Springs, near Deming. First Solar also has an
interconnection agreement with El Paso Electric.
About the New Mexico State Land Office
The New Mexico
Commissioner of Public Lands is an elected state official responsible
for administering the state's land grant trust. Thirteen million acres
of land were granted to New Mexico in 1898 and 1910. Each tract
is held in trust for the public schools, universities, as well as
special schools and hospitals that serve children with physical, visual,
and auditory disabilities. In fiscal year 2012, the trust lands and
permanent funds produced a record amount of $650 million in income for
the beneficiaries, which saves the average household about $850 a year
in taxes.
About El Paso Electric
El Paso Electric is a regional
electric utility providing generation, transmission and distribution
service to more than 390,000 retail and wholesale customers in a 10,000
square mile area of the Rio Grande valley in west Texas and southern New
Mexico. El Paso Electric has a net dedicated generating
capability of 1,885 MW. El Paso Electric's common stock trades on
the New York Stock Exchange under the symbol EE.
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 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.
El Paso Electric media
Teresa Souza
+1 915 543-5823
teresa.souza@epelectric.com
or
New
Mexico State Land Office
Karin Stangl, Assistant Commissioner of
Communication
State Land Office
+1 505-827-5739
kstangl@slo.state.nm.us
or
First
Solar media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
or
First
Solar Investors
David Brady
+1 602 414-9315
dbrady@firstsolar.com
or
Ryan
Ferguson
+1 602 414-9315
rferguson@firstsolar.com
Source: First Solar, Inc.
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