Utility-scale solar PV projects expected to meet the needs of over
50,000 average NSW homes
SYDNEY--(BUSINESS WIRE)--
First Solar (NASDAQ: FSLR) today welcomes the news that AGL Energy
Limited (AGL) has achieved financial close for two utility-scale solar
photovoltaic (PV) projects. First Solar has executed engineering,
procurement and construction (EPC) contracts to supply the projects with
its advanced thin-film photovoltaic (PV) modules and provide EPC
services. In addition, First Solar will provide maintenance support for
a period of five years once the solar farms are operational.
AGL has engaged First Solar to construct a 102MW [AC] solar plant at
Nyngan and a 53MW solar project at Broken Hill — both located in New
South Wales. The projects are supported by $166.7 million of
Commonwealth Government funding through the Australian Renewable Energy
Agency (ARENA) as well as an additional $64.9 million in funding from
the NSW Government. The total project cost is approximately $450 million.
"The Nyngan and Broken Hill solar projects will be Australia's largest
utility-scale solar projects, respectively, and demonstrate that
utility-scale solar is a proven, bankable source of power generation in
Australia today," said Jack Curtis, First Solar's Vice President of
Business Development for Asia Pacific. "We are thrilled to be partnering
with AGL in delivering the solar projects, both of which are of major
significance for regional New South Wales and the Australian energy
sector. These projects will play an important part in the growing
acceptance of utility-scale solar PV, and we applaud the Commonwealth
Government and the NSW Government for their vision and commitment to the
sector."
Construction of the Nyngan project is expected to commence in January
2014, with commercial operation expected by mid-2015. Construction of
the Broken Hill project will start approximately six months later, in
July 2014, and is scheduled to reach commercial operation before the end
of 2015. On completion, the projects are expected to produce
approximately 360,000 megawatt hours of electricity each year, which
will be sufficient to meet the needs of over 50,000 average homes in NSW.
The Nyngan and Broken Hill solar plants are expected to provide
significant value to regional New South Wales, adding nearly two percent
to the gross regional product of each community. First Solar is actively
engaged with local companies looking to become involved in the projects,
with over 100 local contractors attending the recent subcontractor
forums hosted in Dubbo, Nyngan and Cobar. The projects will create
approximately 300 construction jobs in Nyngan and approximately 150 in
Broken Hill, providing valuable experience and capability to support the
development of similar projects in future years.
"AGL is delighted to be working with First Solar and drawing on the
team's global expertise in this industry," said Michael Fraser, AGL's
Managing Director. "We are eager to get this nationally significant
project underway, and together we will provide the experience and
commercial stability to help ensure the successful construction of the
two solar plants."
About First Solar, Inc.
First Solar, Inc. is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced thin-film
modules. First Solar (Australia) Pty Ltd is a wholly owned subsidiary of
First Solar, Inc.First Solar'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
collection and 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 the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors, and the company's key strategic relationships and
other risks detailed in the company's filings with the Securities and
Exchange Commission. First Solar assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
About AGL
AGL is one of Australia's leading integrated renewable energy companies,
and is taking action toward creating a sustainable energy future for our
investors, communities and customers. Drawing on 175 years of
experience, AGL operates retail and merchant energy businesses, power
generation assets and an upstream gas portfolio. AGL has one of
Australia's largest retail energy and dual fuel customer bases. AGL has
a diverse power generation portfolio, including base, peaking and
intermediate generation plants, spread across traditional thermal
generation, as well as renewable sources including hydro, wind, landfill
gas and biomass. AGL is Australia's largest private owner and operator
of renewable energy assets, and is looking to further expand this
position by exploring a suite of low emission and renewable energy
generation development opportunities.
First Solar Media:
Burson-Marsteller for First Solar
Carrie
Cousins, +61 2 9928 1536
carrie.cousins@bm.com
or
First
Solar, Inc.
Deepali Girdhar, +91 8800 843600
deepali.girdhar@firstsolar.com
or
First
Solar Investors
David Brady, +1 602 414-9315
dbrady@firstsolar.com
Ryan
Ferguson, +1 602 414-9315
rferguson@firstsolar.com
Source: First Solar, Inc.
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