- Wind, solar PPA estimated to displace almost 7,000 kilotons of
CO2 emissions over lifetime
- Cleantech Solar to procure 150 MW of India-made Series 7
modules for project under PPA
First Solar, Inc. (Nasdaq: FSLR) today announced that it has
entered into a 15-year, captive Power Purchase Agreement (PPA) with
Cleantech Solar, a leading provider of renewable energy solutions
to corporations in India and Southeast Asia. Under the agreement,
Cleantech Solar will construct 150 megawatts (MW) of photovoltaic
(PV) solar and 16.8 MW of wind-generating assets in Tamil Nadu,
India, supplying approximately 7.3 gigawatt-hours (GWh) of clean
electricity to First Solar’s new 3.3-gigawatt (GW) vertically
integrated solar manufacturing facility, also located in Tamil
Nadu.
When fully commissioned by the third quarter of 2024, the solar
and wind generation assets are expected to provide up to 70% of the
facility’s anticipated electricity needs. They are expected to
displace almost 7,000 kilotons of CO2 emissions over the duration
of the PPA. Furthermore, Cleantech Solar has agreed to procure 150
MW of advanced, India-made Series 7 thin film solar panels from
First Solar, utilizing the modules to power the solar PV component
of the PPA. The modules are expected to be delivered in the first
half of 2024.
“Our new manufacturing facility in Tamil Nadu sets a high
benchmark for responsible and sustainable vertically integrated
solar manufacturing, not just in India, but globally,” said Sujoy
Ghosh, vice president and managing director, First Solar, India.
“By powering our operations with clean, renewably-generated
electricity, we are working to further reduce our environmental
footprint, which is already the lowest in the industry.”
First Solar’s Tamil Nadu plant, located in an area of high
baseline water stress, is believed to be the world’s first net-zero
water withdrawal solar manufacturing facility. The facility is
designed to minimize its impact on local water resources and will
rely entirely on tertiary treated reverse osmosis water from the
city's sewage treatment plant and have zero wastewater discharge.
Additionally, the factory is home to India’s first photovoltaic
(PV) solar recycling plant. The company pioneered high value solar
recycling, which provides closed-loop semiconductor recovery for
use in new modules, while also recovering other materials including
aluminum, glass, and laminates.
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 solar 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 delighted to announce our strategic partnership with
First Solar. This collaboration extends beyond powering First
Solar's flagship manufacturing facility in India; it involves
leveraging their advanced, ultra-low carbon thin film solar panels
to energize our solar assets,” said Sachin Jain, chief executive
officer, Cleantech Solar. “Cleantech has a substantial presence in
the state of Tamil Nadu within the renewable energy sector,
particularly in Wind and Solar. Our state-of-the-art solar and wind
energy parks in the region play a pivotal role in delivering clean
and cost-competitive power to our esteemed clients, including First
Solar.”
Jain added, “This collaboration enables our partners’ efforts to
diversify their energy sources, integrate renewable energy into
their operations, and achieve a higher degree of stability and
sustainability in their power supply. This partnership exemplifies
our commitment to advancing sustainable energy solutions and
reinforces our position as a key player in the renewable energy
landscape. We look forward to a mutually beneficial relationship
with First Solar, contributing to the growth and success of both
organizations.”
The agreement is believed to be one of the largest intra-state
PPAs in India and the projects being developed across Cleantech
Solar’s renewable energy parks in Tamil Nadu are already providing
solar, wind, and hybrid energy solutions to its corporate
customers. With this latest agreement, Cleantech Solar’s total
portfolio size in Tamil Nadu now stands at nearly 500 MW across
operations and construction stages, and includes solar, wind and
hybrid power projects.
About Cleantech Solar
Cleantech Solar is a pan-Asia supplier of renewable energy to
corporates, combining the capabilities of a global player with
responsiveness and agility. Headquartered in Singapore, Cleantech
Solar has numerous solar and wind projects across India and
Southeast Asia, covering approximately 1.2 GWp of assets in
operations, construction and development stages. This includes
installations in India, Singapore, Cambodia, Indonesia, Malaysia,
Thailand and Vietnam. For information, please visit
www.cleantechsolar.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 PV
modules represent the next generation of solar technologies,
providing a competitive, high-performance, lower-carbon alternative
to conventional crystalline silicon PV modules. 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 press release contains various “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) First Solar’s decision to enter into a 15-year, 170 megawatt
(MW) annual Power Purchase Agreement with Cleantech Solar; 2) the
expectation that Cleantech Solar will supply approximately 7.3
gigawatt-hours (GWh) of clean electricity to power First Solar’s
new manufacturing facility in Chennai, India, covering 70% of the
facility’s anticipated electricity needs; 3) that the solar and
wind generation assets fully commissioned by the third quarter of
2024; 4) Cleantech Solar’s decision to procure 150 MW of advanced,
India-made Series 7 thin film solar panels from First Solar, and
its intent to utilize these panels to power assets that will supply
energy to First Solar under the signed PPA. 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 First Solar’s current expectations and First
Solar’s 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. First Solar undertakes 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 First Solar’s 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 and our subsequently filed Quarterly
Reports on Form 10-Q, as supplemented by our other filings with the
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20240104723022/en/
Media Reuven Proença
First Solar Media reuven.proenca@firstsolar.com
Investors Richard
Romero First Solar Investor Relations
investor@firstsolar.com
First Solar (NASDAQ:FSLR)
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