Consortium led by ACWA Power establishes global cost benchmark with
Middle East's largest PV plant
DUBAI, United Arab Emirates & TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) today announced that it has signed an
agreement to supply its high performance photovoltaic (PV) modules to
power the 200 megawatt (MW)AC second phase of the Mohammed
bin Rashid Al Maktoum Solar Park in Dubai, the United Arab Emirates.
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Earlier this year, a consortium led by ACWA Power, a leading water and
power developer, owner and operator based in Saudi Arabia, and TSK, a
Spanish engineering and construction company, was selected by the Dubai
Electricity and Water Authority (DEWA) to develop, construct, own and
operate the independent power project. According to the consortium, the
project's tariff of 5.84 USD cents per kilowatt-hour establishes a new
global benchmark, reducing the cost of solar electricity by over 20
percent.
Significantly, the utility scale solar plant will be the largest
facility of its kind in the Middle East when completed in early 2017.
The plant will produce enough energy to power 30,000 average homes in
the UAE and will displace over 469,650 metric tons of carbon dioxide per
year. The project will be powered by over 2.36 million First Solar
modules, compared to the 152,880 that were installed in the 13MWAC first
phase of the Mohammed bin Rashid Al Maktoum Solar Park. The plant will
be built over an area of almost 4.5 million square meters, sufficient to
cover as many as 100 soccer pitches.
Paddy Padmanathan, President and Chief Executive Officer, ACWA Power
said, "ACWA Power's commitment to deliver reliable and sustainable
electricity at the lowest KwH tariff is reflected clearly in the win it
has secured in the second phase of the Mohammed bin Rashid Al Maktoum
Solar Park. The technology we plan to implement has a proven advantage
over conventional solar panels, delivering more annual energy for the
same nameplate watts under the specific project conditions of the DEWA
project. The organic performance growth program that First Solar is
developing with their photovoltaic (PV) modules sets a benchmark in the
PV industry, allowing us to benefit from a long-term reliable and
durable power generation technology for projects of this scale."
First Solar's advanced PV modules have set the industry benchmark with
over 10GW installed worldwide. Offering highly predictable energy in all
climates and applications, the modules have been independently tested to
pass accelerated life and stress tests beyond industry standards. With
both a superior temperature coefficient and superior spectral response,
they have been independently certified for reliable performance in high
temperature, high humidity, extreme desert, and coastal environments.
"We are confident that this milestone project will establish a new
benchmark for the reliable, affordable and sustainable generation of
solar energy in the Middle East and around the world," said Alfonso
Targhetta, Procurement Managing Director and Board member, TSK. "By
combining our world-class engineering and construction capabilities with
First Solar's high performance modules, this project will help define
how utility scale PV plants are developed throughout the region and
beyond."
"This project's impact on the global energy transition cannot be
overstated. It has effectively driven down the cost of solar
electricity, marking a new milestone in solar PV's evolution as a
mainstream energy resource," said Ahmed S. Nada, Vice President and
Region Executive for the Middle East at First Solar. "In this
competitive environment, the decision to power the project with First
Solar technology is testament to the ability of our high performance
modules to reliably deliver energy, even in challenging operating
conditions. In fact, with this win, First Solar will have earned the
position of being the leading PV solutions provider in the Middle East,
with a projected installed capacity of at least 270MW across the region
by 2017."
First Solar modules already power the 13MWAC first phase of
the Mohammed bin Rashid Al Maktoum Solar Park and will be installed at
the 52.5MWAC Shams Ma'an solar PV plant, currently under
construction in Jordan and scheduled for completion in the second half
of 2016.
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.
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
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costs, warranties, solar module efficiency and balance of systems cost
reduction roadmaps, product reliability and capital expenditures; our
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First Solar Media
Reuven Proença
EMEA Corporate Communications
+971
(0)4-4559-410
reuven.proenca@firstsolar.com
or
Tara
Farouqi/Viviana Villasmil
Weber Shandwick
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dubwswfirstsolar@corp.ipgnetwork.com
or
First
Solar Investors
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stephen.haymore@firstsolar.com
Source: First Solar, Inc.
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