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141MW Luz Del Norte to make significant contribution to Chile's
national Energy Agenda
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Electricity generated by plant will be competitively priced in
region
COPIAPÓ, Chile--(BUSINESS WIRE)--
With Michelle Bachelet, President of the Republic of Chile; Isabel
Allende, President of the Chilean Senate, and Máximo Pacheco, Minister
of Energy in attendance, First Solar (Nasdaq:FSLR) today ceremonially
installed the first solar panel for the 141 Megawatt (MW)ac Luz del
Norte Solar Power Plant.
The project, located 58 kilometers north of the city of Copiapó, is
expected to be complete by December 2015, and will become the largest
solar plant in Latin America.
"We are working hard to address Chile's energy deficit. Projects, such
as this show that Chile is progressing towards being a clean energy
producing country. This year alone, we are incorporating more than 1000
MW of new energy to our system through different non-conventional
renewable energies. This is an important step towards our 2025 target of
having 20 percent of our energy coming from non-conventional renewable
energies," said Bachelet, speaking to a group gathered at the
construction site. "Chile is in a position to be a leader in renewable
energy in the Southern Cone, and in the Atacama region we are doing so.
We must continue to assume leadership, and we must work as a team to
assure the effort goes forward to attract more business and leverage
greater economic growth."
"These kinds of projects are what our country needs," said Maximo
Pacheco, Minister of Energy. "Northern Chile is one of the places with
the highest solar radiation in the world, and therefore is the place to
develop alternative renewable energy projects such as First Solar's here
in the Atacama region. We are confident what with the implementation of
this technology, we will achieve the goal set in our Energy Agenda that,
by 2025, 20 percent of the country's energy will come from such sources."
"This project will stand as a showcase in the region," said Joe
Kishkill, First Solar's Chief Commercial Officer. "We are proud to
demonstrate our capability to deliver resources that help fulfill
Chile's national energy policy while bringing competitively priced clean
electricity to the market."
About the Project
In addition to being the largest solar plant in the region, Luz del
Norte will be the biggest solar power facility in the world to sell
electricity on an open contract basis, and not necessarily only to
regulated clients. The 141 MW generated by Luz del Norte will directly
benefit the end consumer, since its generation entails low variable
costs, which are expected to decrease the electricity system's total
cost of electricity.
The project will generate power using 1.7 million of First Solar's
photovoltaic thin film modules, and will produce enough solar energy to
provide electricity to over 173,962 homes, avoiding over 185,000 metric
tons of CO2 emissions per year.
Luz del Norte will positively impact the regional economy, creating up
to 370 construction jobs. First Solar also places a priority on working
with regional suppliers, while investing in training them to raise their
standards to internationally required levels.
"Our arid desert opens its esplanades to collect, through this clean
energy project, intense sunlight that will come to light homes and
businesses in the region at a time we need to generate energy,
especially clean energy," said Maglio Ciardini, Mayor of Copiapó. "Luz
del Norte will help provide clean energy to the central grid."
Click here for photos of Luz del Norte installation: http://www.fotopresidencia.cl.
First Solar differentiates itself from its competitors on several
environmental issues. For example, the dry cleaning of its panels
significantly reduces the use of water during operations. Also, First
Solar provides recycling services for its panels, reducing the creation
of waste materials, and potential for lower impact to the land. First
Solar's thin film technology produces the lowest carbon footprint and
energy payback time compared to any other available photovoltaic
technology.
First Solar Education Project
At the event, authorities recognized First Solar's sponsored educational
program with Jose Antonio Carvajal Polytechnic School in Copiapó, where
a photovoltaic system was installed to educate and train the student
community.
In conjunction with Solar Energy International (SEI), First Solar is
completing its second year of renewable energy training with students
from this educational establishment in the installation of photovoltaic
panels, contributing to expanding their career opportunities, as well as
nurturing the nascent solar industry. The first 20 students to complete
the program graduated this year, and another 23 are currently in their
first year.
"For us as a school community, we are proud to have a PV system within
the school. It is a milestone that marks our 150th
anniversary," said Cristian Tapia, Principal of Jose Antonio Carvajal.
"But more importantly our students have achieved an added value to their
training that gives them the tools to find employment in this area. This
initiative is thanks to the Municipality of Copiapó, and First Solar,
who trusted our students to carry out this project, which we hope will
be maintained over time."
"First Solar is proud to have been able to train 45 students," said
Cristián Sjogren, First Solar Country Manager for Chile. "This will
allow them to have new and better prospects in life. In fact, thanks to
this support, qualified students will be hired to work on the Luz del
Norte project."
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 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
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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 Annual Report on Form 10-K for the year ended
December 31, 2013, Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K and other reports filed with the SEC.
U.S. CONTACT
Allison+Partners
Lisa Kelaita,
650-343-2735
Lisa.Kelaita@allisonpr.com
Source: First Solar, Inc.
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