More than 230MW in new supply agreement
Superior performance
in hot, humid climates is key factor in Silicon Ranch selection
TEMPE, Ariz., & NASHVILLE, Tenn.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) and a subsidiary of Silicon Ranch
Corporation have entered into a framework agreement for 231.6 Megawatts
(MW) DC of First Solar's advanced technology thin film modules for use
in Silicon Ranch projects to be constructed in 2017 and early 2018.
This agreement builds on previous agreements for more than 180MW DC of
modules used in Silicon Ranch projects entering commercial operations in
2015 and 2016, located in Colorado, Georgia, Mississippi, Arkansas and
Tennessee. The southeastern U.S. region is rapidly emerging as a growing
market for photovoltaic (PV) solar development, where Silicon Ranch has
played a leading role as a developer, owner and operator.
First Solar's thin film technology has demonstrated clear advantages
over conventional multicrystalline silicon (mc-Si) solar products in all
regions of the world, most significantly in the hot, humid climates that
make up a large part of Silicon Ranch's project footprint. When taking
into account conversion efficiency, temperature coefficient, spectral
response and shadow tolerance, First Solar technology provides an energy
density of more than 10 percent over mc-Si products in this region. That
means that, given the same land area with an equivalent module ground
cover ratio, First Solar's modules will produce more annual energy from
the same land area than mc-Si.
"First Solar is pleased to strengthen our relationship with Silicon
Ranch through this deal," said Roger Bredder, First Solar's Vice
President of U.S. Business Development. "There is deep value in aligning
with a trusted, major solar developer, and our previous endeavors with
Silicon Ranch have allowed us to jointly benefit from working in a
region with exciting growth opportunities."
"As long-term owners of all our projects, Silicon Ranch recognizes the
importance of quality and performance in every choice we make," said
Pete Candelaria, Silicon Ranch's Chief Technology Officer. "First Solar
is a U.S. manufacturer with superior products and a strong balance
sheet, all of which were important factors in our selection.
Furthermore, their technical and logistics units are the best in the
business, which made them a great fit for the Silicon Ranch team."
Similar to a portion of the 2015/2016 Silicon Ranch projects, some of
the 2017 projects may also employ First Solar's balance of system
solutions, including the company's single-axis tracker. Silicon Ranch
plans to begin to take delivery of the first modules under this
agreement in the first quarter of 2017 and will continue to supply its
projects until the first quarter of 2018.
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, visit www.firstsolar.com.
About Silicon Ranch Corporation
Silicon Ranch, based in Nashville, Tenn., is one of the top 15 solar
owner-operators in the U.S. Silicon Ranch is a full-service, renewable
energy provider that customizes solar solutions based upon the
individual needs of its customers. Silicon Ranch's value to its
customers is its ability to develop and execute solar solutions that
help companies and organizations build brand equity and pursue a
socially responsible community benefit, while allowing those companies
to focus on their core business activities. Silicon Ranch has been
instrumental in helping its partners accomplish numerous "firsts" in
their respective marketplaces. For more information about Silicon Ranch
Corporation, visit www.siliconranchcorp.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: effects on our financial statements and
guidance resulting from pending tax matters; 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 (including estimated future module collection
and recycling costs), warranties, solar module efficiency and balance of
systems 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 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," "seek," "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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160405005454/en/
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
or
Silicon
Ranch Media
Matt Beasley
+1 615-577-4616
matt.beasley@siliconranchcorp.com
Source: First Solar, Inc.
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