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Seeks to fully align resources and capital in support of transition
to Series 6 offering
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Remains firmly committed to utility-scale project development
business
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) announced today that it, working
together with its financial and legal advisors, is reviewing
alternatives for the sale of its interests in 8point3 Energy Partners.
First Solar will coordinate this review with its partner SunPower.
In recent months, First Solar has taken actions to strategically align
the company's resources and capital in support of its transition to its
new Series 6 product offering.
As a continuation of these efforts, First Solar is exploring options for
the sale of its interests in 8point3 in order to refocus resources on
Series 6 objectives and allow for faster recycling of systems business
capital. This capital would support the planned transition to Series 6
production and provide additional funding for the expected deployment of
multiple gigawatts of Series 6 capacity over the next several years.
First Solar intends to accelerate the return of capital from its systems
business by selling projects earlier in the construction phase. This
includes the California Flats and Cuyama projects, which have been
formally offered to 8point3. If 8point3 is unable to acquire these
projects, First Solar expects to sell these projects to third parties.
"We remain committed to developing, constructing and selling
utility-scale solar power plants," said Mark Widmar, CEO of First Solar.
"Series 6 has the potential to be a transformational product and provide
attractive returns to our shareholders. As we accelerate the cash
conversion cycle from our systems business, we will further enable this
important transition in our business. We want to thank SunPower for
their partnership in forming 8point3, which has a portfolio of high
quality solar assets and proven operating performance. We look forward
to working cooperatively with them through this process."
The consideration of a potential sale of its interests in 8point3 by
First Solar is at a preliminary stage and may not result in any
transaction being proposed or, even if proposed, consummated. First
Solar does not intend to disclose further developments with respect to
this evaluation process except to the extent a specific course of action
is approved, the process is concluded or it is required by law or
otherwise deemed appropriate. The First Solar-appointed directors and
officers of the general partner of 8point3 Energy Partners LP remain
committed to prudently managing 8point3 throughout this evaluation
process.
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 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
technology and 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 Investors
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stephen.haymore@firstsolar.com
or
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Source: First Solar, Inc.
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