LANCASTER, Calif. & TEMPE, Ariz.--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
AV SOLAR RANCH ONE SOLAR POWER PLANT ACHIEVES 100 MW MILESTONE
California PV Power Plant to Reach 230 MW When Completed This Year
First Solar, Inc. (Nasdaq: FSLR) today announced that the Antelope Valley Solar Ranch One project has achieved a peak generating capacity of 100 megawatts (MW)AC connected to the electrical grid. The photovoltaic (PV) power plant, which is under construction in northern Los Angeles County, will have a generating capacity of 230 MWAC upon completion, expected later this year.
Initial construction on the solar project began in Sept. 2011 and module installation started in June 2012, providing an average of 400 jobs during the construction phase. Power from the plant is being purchased by Pacific Gas and Electric Company under a 25-year contract.
“We are proud to achieve this important clean energy milestone for California, which was made possible by the tireless efforts of hundreds of individuals working together. We especially appreciate the support of LA County’s Fifth Supervisorial District staff and the departments of Regional Planning and Public Works for their contributions to making this project a success,” said Lou Moore, First Solar Senior Vice President of Engineering, Procurement and Construction. “Unlike traditional power plants, the modular nature of PV power projects enables us to quickly add substantial volumes of clean energy to the grid throughout the construction process. This shorter ‘time to energy’ is another key advantage of PV solar electricity.”
Dennis Hunter, Deputy Director of Los Angeles County Public Works, congratulated First Solar on its achievement at Antelope Valley Solar Ranch One. “We appreciated the opportunity to work with the First Solar team to reach this operational milestone,” he said.
When fully operational, the facility will generate enough power for 75,000 average California homes and will displace about 140,000 tons of carbon dioxide per year. That’s equivalent to taking 30,000 cars off the road on an annual basis.
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 collection and 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 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.