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First Solar Announces New Long-Term Module Supply Agreements Totaling 525MW

October 29, 2008

TEMPE, Ariz., Oct 29, 2008 (BUSINESS WIRE) -- First Solar, Inc. (Nasdaq:FSLR) announced today the company has entered into new long-term module supply agreements with Sorgenia Solar, a developer of large-scale, grid-connected solar power plants in Italy and extended module supply agreements with several of First Solar's existing customers including EDF Energies Nouvelles, Ecostream, Juwi and Phoenix Solar AG. These new agreements expand contracted module volume by a total of 525MW, allowing for additional sales of approximately $800 million at an assumed exchange rate of $1.15/1.00 over the period of 2009 to 2013. These agreements are structured on terms similar to First Solar's existing long-term module supply agreements.

"With strong market growth in Italy we are pleased to announce our new partnership with the Italian Utility company Sorgenia Solar, who is well positioned to develop solar power plants in this important region," said Mike Ahearn, CEO of First Solar. "These new module supply agreements and contract extensions enable our partners to increase solar electric generation in multiple markets throughout Europe and demonstrate the successful partnerships First Solar has established with the world's leading project developers and system integrators."

About First Solar

First Solar, Inc. (Nasdaq: FSLR) manufactures solar modules with an advanced thin film semiconductor technology and provides comprehensive PV solutions that significantly reduce solar electricity costs. By enabling clean, renewable electricity at competitive prices, First Solar provides an economic and environmentally responsible alternative to existing peaking fossil-fuel electric generation. First Solar PV power plants operate with no water, air emissions or waste stream. First Solar set the benchmark for environmentally responsible product life cycle management by introducing the industry's first comprehensive collection and recycling program for solar modules. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating cost-effective renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

About Ecostream

Ecostream is part of the international Econcern Group, one of the 500 fastest growing companies in Europe, with "a sustainable energy supply for everyone" as its mission. Econcern delivers unique projects and innovative products and services for a sustainable energy supply in 19 countries - worldwide. Ecostream designs customized, turnkey solar power systems that secure high returns on a long term basis. With more than 20 years of experience in the use of renewable energies, Ecostream plans and builds efficient solar power systems at high quality. Ecostream is now growing quickly in the construction of ground based and roof top systems including projects in Spain, Germany and Italy. For more information about Ecostream, please visit www.ecostream.com.

About EDF Energies Nouvelles

Founded in 1990, EDF Energies Nouvelles is a world-class player in the green electricity generation market, with gross installed capacity of 1,735 MW worldwide at 30 June 2008, plus 1,117 MW in gross capacity under construction. With operations in nine European countries and in the United States, EDF Energies Nouvelles is a market leader in renewable energies. With a development focused on wind energy for several years and more recently on solar photovoltaic, now a second priority axis of development, the group, which posted 2007 revenues of 560 million, is also present in other segments of the renewable energies market: small hydro, biomass, biofuel and biogas. In addition, the Group is expanding its presence in the distributed renewable energies sector in partnership with EDF. EDF Energies Nouvelles is a 50%-owned subsidiary of the EDF Group. Since 28 November 2006, EDF Energies Nouvelles has been listed in Compartment A of Eurolist by Euronext Paris, code "EEN", ISIN code: FR0010400143. www.edf-energies-nouvelles.com

About Phoenix Solar AG

Phoenix Solar AG, which has its headquarters in Sulzemoos near Munich, is a leading international photovoltaic systems integrator. Until June 2007, the company, which was set up in 1999, went by the name of PhAnix SonnenStrom AG. With total revenues of EUR 260 million, the Group's EBIT came to EUR 22.3 million in the financial year 2007. The Phoenix Solar Group anticipates sales of EUR 370 million, generated in Germany and abroad, for the financial year 2008. Phoenix Solar AG plans, builds and undertakes the operation of large photovoltaic plants and is a specialist wholesaler for complete power plants, solar modules and accessories. The Group is a leader in photovoltaic systems technology. It focuses on the consistent lowering of system costs. With a sales network which covers the whole of Germany, and subsidiaries in Spain, Italy, Greece, Singapore and Australia, the Group currently has a workforce of more than 200 employees. The shares of Phoenix Solar AG (ISIN DE000A0BVU93) are listed on the official market (Prime Standard) of the Frankfurt Stock Exchange. On 25 March 2008, the shares of the company were admitted to the TecDAX technology index of Deutsche BArse AG.

About Juwi Group

The Juwi Group ranks among Germany's leading renewable energy companies with a focus on wind, photovoltaic, and biomass projects. Juwi Group is involved in all facets of renewable energy project realization, from project origination through installation and operation of projects. The company has developed megawatt projects on landfill sites and building rooftops and is currently building the world's largest PV power plant, a 40 MW installation at Waldpolenz, east of Leipzig, Germany. For more information about Juwi Group, please visit www.juwi.de.

About SORGENIA Solar

The company was set up in 2005 by the mother company Sorgenia to develop the photovoltaic business, and is today the biggest Italian operator in terms of installed photovoltaic power, active also in the commercial market of field and roof mounted plants. Sorgenia is one of the leaders in the Italian free energy market. The Sorgenia Group is made up of different companies operating in distinct areas and specific stages of the energy business, in accordance with relevant regulatory laws. The sector in which Sorgenia operates is dominated by big national and multinational players, characterized by capital intensive investments and by long term returns. For more information, please visit www.sorgeniasolar.it and www.sorgenia.it.

SOURCE: First Solar, Inc.

First Solar, Inc. 
Paula Vaughnn 
602-414-9322 
pvaughnn@firstsolar.com

 

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