BEIJING--()--First Solar, Inc. (Nasdaq: FSLR) and China Guangdong Nuclear Solar Energy Development Co., Ltd. (CGN SEDC) today signed a memorandum of understanding (MOU) to collaborate on the development of Phase 1 of the previously announced solar photovoltaic (PV) plant in Ordos, Inner Mongolia. The agreement represents an important step forward for the Ordos project, following First Solar’s MOU with the Ordos Government in September, 2009, and the Chinese government’s recent approval of the pre-feasibility study for Phase 1 in September 2010. First Solar President Bruce Sohn and CGN SEDC President Han Qinghao signed the MOU at a ceremony in Beijing today.
“We are very pleased to be partnering with First Solar, a global leader in solar PV technology, in developing the first significant solar project to adopt advanced thin-film technology in China”
Under the terms of the MOU, First Solar and CGN SEDC will work together to execute the 30 MW AC first-phase demonstration project. CGN SEDC will be the majority project owner and operator, performing the engineering, procurement and construction (EPC) functions for the project. First Solar will supply its advanced thin-film solar PV modules to the project and will support CGN SEDC with EPC and O&M advisory services.
“First Solar is honored to be working on the Ordos project with CGN SEDC, a company with demonstrated leadership, expertise and experience. We look forward to working together to make the Ordos project a reality and to contributing to China’s renewable energy goals and market development,” said Sohn.
“We are very pleased to be partnering with First Solar, a global leader in solar PV technology, in developing the first significant solar project to adopt advanced thin-film technology in China,” commented Han Qinghao.
The Ordos project represents the first large-scale solar collaboration between China and the United States and an example of China-U.S. bilateral cooperation on renewable energy.
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating cost-effective, renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit http://www.firstsolar.com.
About China Guangdong Nuclear
Solar Energy Development Co., Ltd. of China Guangdong Nuclear Power Group (CGN SEDC) was established in August 27, 2009. As a wholly-owned subsidiary of China Guangdong Nuclear Power Group, CGN SEDC focuses on solar power investment, construction, operation and maintenance, and is actively involved in related industries. By the end of 2010, CGN SEDC completed construction of solar facilities capable of producing 20MW, and is currently in the process of constructing facilities with a capacity of 70 MW. For more information about CGN-SEDC, please visit http://www.cgnsedc.com.cn.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.