Agreement showcases viability of wholesale commercial & industrial market
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) today announced that Apple has
committed $848 million for clean energy from First Solar's California
Flats Solar Project in Monterey County, Calif. Apple will receive
electricity from 130 megawatts (MW)AC of the solar project
under a 25-year power purchase agreement (PPA), the largest agreement in
the industry to provide clean energy to a commercial end user.
"Apple is leading the way in addressing climate change by showing how
large companies can serve their operations with 100 percent clean,
renewable energy," said Joe Kishkill, Chief Commercial Officer for First
Solar. "Apple's commitment was instrumental in making this project
possible and will significantly increase the supply of solar power in
California. Over time, the renewable energy from California Flats will
provide cost savings over alternative sources of energy as well as
substantially lower environmental impact."
The 2,900-acre California Flats Solar Project occupies 3 percent of a
property owned by Hearst Corporation in Cholame, Calif. Construction is
expected to begin in mid-2015, and to be completed by the end of 2016.
The output of the remaining 150MW of the project will be sold to Pacific
Gas & Electric under a separate long-term PPA, and the project is fully
subscribed between the Apple and PG&E PPAs.
In January, the Monterey County Planning Commission unanimously approved
the California Flats Solar Project, sending the project to the Monterey
County Board of Supervisors, which will consider final approval of the
project today.
Building on its proven record of developing, building and operating
utility-scale solar power plants, First Solar has placed a strategic
focus on directly providing large commercial and industrial customers
with wholesale electricity through long-term agreements. This deal marks
the first wholesale commercial and industrial PPA executed by First
Solar.
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
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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 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.
First Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
or
First
Solar Investors
David Brady
+1 602-414-9315
dbrady@firstsolar.com
or
Stephen
Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
Source: First Solar, Inc.
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