Project will be sited adjacent to decommissioned nuclear plant
Golden 1 Center to receive power through SMUD's SolarShares program
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (NASDAQ: FSLR) and the Sacramento Municipal Utility
District (SMUD) have announced the formal execution of a power purchase
agreement (PPA) for offtake of a 10.8 megawatt solar project to be built
on the site of the decommissioned Rancho Seco Nuclear Generation Station.
The Rancho Seco Solar Project will annually generate more than 22,000
MWh of clean, renewable energy, which will be offered to SMUD business
customers through the utility's Commercial SolarShares program, helping
them achieve sustainability goals while reducing their need to purchase
fossil-fuel generated power at peak demand hours. The new Golden 1
Center is the first announced customer that will receive electricity
generated by Rancho Seco.
"We are excited to be working on this project, which provides access to
solar power for businesses that might not otherwise be able to include
it in their energy procurement strategies due to cost, lack of available
rooftop space or other factors," said Brian Kunz, First Solar's Vice
President of Project Development - US West. "SMUD's innovative
SolarShares program exemplifies how a utility can serve its community in
both environmentally and economically favorable ways."
"SMUD is a leader in delivering renewable energy to our customers," said
Frankie McDermott, SMUD Chief Generation and Grid Assets Officer. "This
project will further enhance the renewable aspect our power mix, which
is already about 50 percent non-carbon-emitting, helping us meet our
Board of Directors' and the state's carbon objectives. The use of
previously-developed land at Rancho Seco and existing SMUD-owned power
lines also provides significant environmental benefit."
The Rancho Seco Solar Project is situated on 60 acres of SMUD-owned
property including the location of the decommissioned Rancho Seco
Nuclear Generation Station. The property also originally hosted a
1980s-era 3.2MW SMUD solar array, one of the first utility-scale solar
power plants in the world. Construction of the new Rancho Seco Solar
Project is expected to commence in the fourth quarter of 2015, with
commercial operation beginning in mid-2016.
About First Solar, Inc.
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 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, investments
in unconsolidated affiliates, 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
most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and other reports filed with the SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151029005492/en/
First Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
or
First
Solar Investors
Stephen Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
Source: First Solar, Inc.
News Provided by Acquire Media