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First Solar, Austin Energy Ink 119MW Power Purchase Agreement

October 29, 2015

A significant contribution to Austin Energy's aggressive solar goals

Electricity to come from First Solar's East Pecos Solar Project

HOUSTON--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) and Austin Energy announced today that they have signed a power purchase agreement allowing the municipally owned electricity provider to obtain low-cost solar power generated by First Solar's 119 megawatt AC East Pecos Solar Project.

Austin Energy General Manager Larry Weis said the partnership will directly benefit the citizens of Austin - as well as the entire state of Texas - as the utility takes a significant step towards meeting its solar development goals. "In committing to procuring 600 megawatts of solar energy in the coming years, the City of Austin has once again taken a leadership role in Texas," Weis said. He added, "We were pioneers in wind energy in the 1990s, and now we're leading the way in solar."

"There is an irrefutable trend of solar becoming competitive in more geographies. Texas, in particular, shows great promise as an attractive market for solar-generated electricity, and Austin Energy is riding that trend," said Georges Antoun, First Solar's President, U.S. "The East Pecos Solar Project is proof of solar's real-world cost competitiveness." Antoun added that Texas' business-friendly environment, combined with the largest solar resource in the U.S., makes it an excellent market for utility-scale solar.

With a robust pipeline of projects in Texas and across the U.S. southeast, First Solar is strategically positioned to bring its world-class execution capabilities to capitalize on opportunities throughout the region where First Solar's modules are competitively advantaged.

East Pecos, which First Solar owns and is developing in Pecos County, Texas, is expected to commence construction in early 2016, with commercial operations anticipated in late 2016. The project will create approximately 500 construction jobs. East Pecos will generate approximately 300,000,000 kilowatt-hours of clean, renewable energy annually — enough to power 27,000 average homes in Austin Energy's service area — and produce efficient, reliable energy, particularly at peak hours when consumers need it most. For added benefit, the solar project diversifies the local tax base and provides a stable source of local tax revenue for years to come. Moreover, the energy is produced using little to no water, one of the state's most valuable resources.

About Austin Energy

Austin Energy, the City of Austin's electric utility, serves more than 440,000 customer accounts and more than 1 million residents in Greater Austin. The utility's mission — to deliver clean, affordable and reliable energy along with excellent customer service — has guided Austin Energy in powering the community and supporting the region's growth since 1895. By producing and investing in wind and solar power, Austin Energy's electricity is twice as renewable as the rest of Texas. For more information about Austin Energy, visit www.austinenergy.com.

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, 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, 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 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 forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "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, Current Reports on Form 8-K and other reports filed with the SEC.

First Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
or
First Solar Investors
Stephen Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com

Source: First Solar, Inc.

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