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First Solar and SMUD Sign Rancho Seco 10.8MW Power Purchase Agreement

October 29, 2015

Project will be sited adjacent to decommissioned nuclear plant

Golden 1 Center to receive power through SMUD's SolarShares program

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (NASDAQ: FSLR) and the Sacramento Municipal Utility District (SMUD) have announced the formal execution of a power purchase agreement (PPA) for offtake of a 10.8 megawatt solar project to be built on the site of the decommissioned Rancho Seco Nuclear Generation Station.

The Rancho Seco Solar Project will annually generate more than 22,000 MWh of clean, renewable energy, which will be offered to SMUD business customers through the utility's Commercial SolarShares program, helping them achieve sustainability goals while reducing their need to purchase fossil-fuel generated power at peak demand hours. The new Golden 1 Center is the first announced customer that will receive electricity generated by Rancho Seco.

"We are excited to be working on this project, which provides access to solar power for businesses that might not otherwise be able to include it in their energy procurement strategies due to cost, lack of available rooftop space or other factors," said Brian Kunz, First Solar's Vice President of Project Development - US West. "SMUD's innovative SolarShares program exemplifies how a utility can serve its community in both environmentally and economically favorable ways."

"SMUD is a leader in delivering renewable energy to our customers," said Frankie McDermott, SMUD Chief Generation and Grid Assets Officer. "This project will further enhance the renewable aspect our power mix, which is already about 50 percent non-carbon-emitting, helping us meet our Board of Directors' and the state's carbon objectives. The use of previously-developed land at Rancho Seco and existing SMUD-owned power lines also provides significant environmental benefit."

The Rancho Seco Solar Project is situated on 60 acres of SMUD-owned property including the location of the decommissioned Rancho Seco Nuclear Generation Station. The property also originally hosted a 1980s-era 3.2MW SMUD solar array, one of the first utility-scale solar power plants in the world. Construction of the new Rancho Seco Solar Project is expected to commence in the fourth quarter of 2015, with commercial operation beginning in mid-2016.

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, 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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