SYDNEY--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) today welcomes the news that Genex
Power Limited (ASX: GNX, Genex Power) has achieved financial close for
the Kidston Phase One Solar Project in Queensland, Australia. First
Solar will supply 63 megawatts (MW)dc of advanced thin-film
photovoltaic (PV) modules to the project which will produce
approximately 145,000 megawatt-hours of electricity in its first year of
operation. The project is located next to the proposed Kidston Pumped
Storage Project and in an industry first, Genex Power will seek to
integrate solar generation with a pumped hydroelectricity energy storage
system.
"As Australia continues to diversify its renewable energy portfolio,
this project is an excellent example of the potential of large-scale
solar application and industry best practice," said Ewan Norton-Smith,
First Solar's Senior Manager for Business Development in Australia. "The
combination of solar energy with pumped-storage hydroelectricity will
allow for increasing penetration of renewable energy into the grid and
will contribute to the stability of supply in the National Electricity
Market. Genex Power is at the forefront of this emerging industry, and
with several compelling Australian projects on the horizon, we're proud
to be supporting phase one of the project."
Situated 270 kilometers north-west of Townsville in far north
Queensland, the first phase of the project will use more than 540,000
First Solar thin-film PV modules. First Solar technology has a higher
energy yield in hot and humid climates due to its lower temperature
coefficient and over the course of a plant's operational life will
translate to substantial gains in power output. First Solar modules have
been used in more large-scale projects in Australia than any other PV
manufacturer, and this project further cements First Solar's position as
the country's leading PV technology supplier to the large-scale solar
sector.
"Genex Power is pleased to confirm the appointment of First Solar as its
PV module supplier for the Kidston Solar Project. First Solar has an
excellent track record of delivering large-scale solar projects in
Australia with their world-leading thin-film PV technology, and the
company is a welcome addition to the strong delivery team Genex Power
has assembled for this exciting project," said Michael Addison, Genex
Power's Managing Director. "The combination of First Solar's thin-film
modules, single-axis tracking technology and the excellent local solar
resource in Queensland will give our project the highest chance of
achieving a record solar capacity factor in Australia."
The electricity from the Kidston Phase One Solar Project will be sold
via a Power Purchase Agreement supported by the Queensland Government.
The project is also supported by $8.9 million of Commonwealth Government
funding through the Australian Renewable Energy Agency.
Construction of the project will be managed by UGL Engineering Pty Ltd.
and is on schedule to commence in the first half of 2017.
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: effects on our financial statements and
guidance resulting from certain module manufacturing changes and
associated restructuring activities; 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 (including estimated future module collection and
recycling costs), warranties, solar module efficiency and balance of
systems 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 PV solar power systems;
research and development programs and our ability to improve the
conversion efficiency of our solar modules; our ability to expand
manufacturing capacity worldwide; 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," "seek," "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, and other
filings with the Securities and Exchange Commission.
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First Solar Media
Jennifer Abbott
+61-2-9002-7736
jennifer.abbott@firstsolar.com
or
First
Solar Investors
Stephen Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
Source: First Solar, Inc.
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