TEMPE, Ariz. & ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) today announced that it has achieved 10 gigawatts (GW) of photovoltaic (PV) solar capacity installed globally, making it the first thin film PV module manufacturer in the world to achieve this milestone. The announcement was made at the start of the World Future Energy Summit in Abu Dhabi, where First Solar is showcasing a comprehensive range of solar energy solutions.
Founded in 1999, First Solar made its first commercial shipment in 2002, and since then its advanced thin film modules have been used in a wide range of applications, from kilowatt-scale mini-grid and rooftop applications, to multi-megawatt utility scale solar energy plants. With enough modules installed worldwide to circle the planet three-and-a-half times, First Solar’s 10GW of installed capacity produces an estimated 14,000 gigawatt hours (GWh) a year. This is equivalent to the annual energy consumption of the city of Washington, D.C. It is also sufficient to power five million average households and displaces the need for as many as 20 average coal-powered plants.
“This is much more than just a celebration of First Solar’s track record and the trust that our customers have placed in our technology. This milestone is a clear indication that solar is no longer a subsidy-driven extra; it has evolved into a valued component of the global generation portfolio, able to hold its own in terms of cost competitiveness and energy yield,” said James Hughes, Chief Executive Officer, First Solar, Inc. “Thanks to our commitment to continuous improvement, we have been able to contribute towards the global transition to renewables by offering our customers solutions to their very specific energy challenges.”
Significantly, with the smallest carbon footprint of all solar technologies, First Solar’s installed capacity displaces an estimated seven million metric tons of carbon dioxide per year, or the equivalent of planting 180 million trees. Additionally, with the lowest water use on a lifecycle basis, the use of First Solar’s advanced thin film modules helps displace an estimated 18 billion liters of water per year, sufficient to fill 7,000 Olympic-sized swimming pools.
A fully vertically integrated solar energy company, First Solar is the global leader in PV research and development (R&D), consistently accounting for the industry’s largest spend in the area1. It was also ranked as the world’s largest solar engineering, procurement and construction (EPC) contractor2 in 2014, and has been entrusted with building some of the world’s largest solar power plants such as Agua Caliente (290MW) and the Topaz Solar Farm (550MW) in the U.S. and Luz del Norte (141MW) in Chile. Additionally, with a portfolio of over 2GW, First Solar is also the industry’s operations and maintenance (O&M) services leader.
1. Source: PV Tech’s Top Module Manufacturers R&D Spending
2. Source: IHS Technology’s EPC and Integrator Market Share and Project Market Tracker
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced thin-film modules. 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 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 Annual Report on Form 10-K for the year ended December 31, 2013, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.