Order for Series 7 modules, to be delivered between 2027 and
2028, builds on existing 3.3 GW relationship
First Solar, Inc. (NASDAQ: FSLR) announced an agreement to
supply Swift Current Energy with 500 megawatts (MW) of advanced
Series 7 thin film modules. Swift Current Energy, a
Boston-headquartered developer, owner, and operator of
utility-scale clean energy assets, has previously placed orders for
3.3 gigawatts of First Solar modules in 2022. This latest order,
which was booked prior to the release of First Solar’s Q3 2023
results on 31 October, will see modules delivered between 2027 and
2028.
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First Solar, Inc. announced an agreement
to supply Swift Current Energy with 500 megawatts of advanced
Series 7 thin film modules. Swift Current Energy, a
Boston-headquartered developer, owner, and operator of
utility-scale clean energy assets, has previously placed orders for
3.3 gigawatts of First Solar modules in 2022. This latest order,
which was booked prior to the release of First Solar’s Q3 2023
results on 31 October, will see modules delivered between 2027 and
2028. (Photo: Business Wire)
Swift Current Energy has commercialized more than 2.5 GW of
renewable energy projects, has a project pipeline of more than 10
GW of solar, wind and energy storage, and owns 1.4 GW of renewable
energy projects currently in operation or in advanced
construction.
“As we continue to progress our US development pipeline,
certainty of pricing and supply is essential to ensuring that we
deliver capacity as planned,” said Eric Lammers, co-founder and
chief executive officer, Swift Current Energy. “This latest
agreement with First Solar supports our effort to build a
resilient, competitive value chain, while supporting investments in
domestic manufacturing, along with the jobs and economic benefits
that come with it.”
First Solar’s responsibly produced, advanced thin film
photovoltaic (PV) modules set industry benchmarks for quality,
durability, reliability, design, and environmental performance. The
company’s Series 7 modules have the lowest carbon and water
footprint of any commercially available PV module today, and it’s
the first PV manufacturer to have its product included in the
Electronic Product Environmental Assessment Tool (EPEAT) global
registry for sustainable electronics.
“We are thrilled that Swift Current Energy has chosen to extend
its partnership with First Solar to 2028, entrusting a significant
portion of its development pipeline to our technology,” said
Georges Antoun, chief commercial officer, First Solar. “Their
decision speaks volumes to the competitive value that we are able
to deliver in terms of energy, certainty of pricing and supply, and
an advanced PV module that is responsibly produced in America, for
America.”
First Solar is the largest solar manufacturer in the Western
Hemisphere, with approximately 6 GW of operational, fully
vertically integrated nameplate capacity in the US. The company has
embarked on an expansion strategy that is forecast to grow its
footprint to 14 GW of nameplate capacity in the US and 25 GW
globally by 2026. In addition to its third Ohio factory,
commissioned earlier this year, First Solar anticipates further
expanding its footprint in the state by 0.9 GW while building new
manufacturing facilities in Alabama and Louisiana, each with an
expected annual nameplate capacity of 3.5 GW.
The Alabama and Louisiana facilities, which are expected to
represent over $2 billion in investment and are forecast to begin
commercial shipments in 2024 and 2026, respectively, are designed
to produce the Series 7 modules ordered by Swift Current and
expected to be made with 100% US-made components identified in the
current domestic content guidance issued by the US Department of
the Treasury. First Solar anticipates that once its Louisiana
factory is completed and ramped, Series 7 modules will account for
over two-thirds of its annual domestic nameplate capacity. Series 7
modules currently produced at the company’s Ohio facility are
already manufactured with US-made glass and steel.
About Swift Current Energy
Swift Current Energy is investing in renewable energy to create
a sustainable future. Founded in 2016, the company develops,
constructs, owns and operates highly competitive, utility-scale
wind, solar and energy storage projects across the United States.
BAES Infrastructure is the majority owner of Swift Current Energy,
with the other owners being IFM Net Zero Infrastructure Fund and
Lookout Ridge Energy Partners. For more information, please visit
swiftcurrentenergy.com.
About First Solar, Inc.
First Solar is a leading American solar technology company and
global provider of responsibly produced eco-efficient solar modules
advancing the fight against climate change. Developed at R&D
labs in California and Ohio, the company’s advanced thin film
photovoltaic (PV) modules represent the next generation of solar
technologies, providing a competitive, high-performance,
lower-carbon alternative to conventional crystalline silicon PV
panels. From raw material sourcing and manufacturing through
end-of-life module recycling, First Solar’s approach to technology
embodies sustainability and a responsibility towards people and the
planet. 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, but are not limited to, statements concerning 1) an order
for 500 MW of solar modules by Swift Current Energy; 2) the
expectation that the modules will be delivered between 2027 and
2028; 3) First Solar’s intent to grow its footprint to 14 GW of
nameplate capacity in the US and 25 GW globally in 2026, including
plans to expand its Ohio footprint by 0.9 GW, and build new 3.5 GW
manufacturing facilities in Alabama and Louisiana. 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 and therefore speak only as of the
date of this release. 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, whether as
a result of new information, future developments or otherwise.
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 under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” of our most recent Annual Report on Form 10-K, as
supplemented by our other filings with the Securities and Exchange
Commission.
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Media
Reuven Proença First Solar Media media@firstsolar.com
Ally Copple Innovant PR for Swift Current Energy
Ally@innovantpr.com
Investors
Richard Romero First Solar Investor Relations
investor@firstsolar.com
First Solar (NASDAQ:FSLR)
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