TEMPE, Ariz.--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) announced today that it has sales bookings of 121 Megawatts (MW)DC of advanced technology thin film modules which will be used in utility-based community solar installations in the United States. First Solar did not disclose the owner or offtaker of the projects, many of which are still in development and not yet announced by the owner.
“This scale of community solar implementation is extraordinary, and suggests the enormous potential for this market segment,” said Georges Antoun, First Solar’s Chief Commercial Officer. “Small one-off installations cannot match the economies of scale realized by utility-scale portfolios that minimize development costs, transaction costs and building costs, while bringing end consumers the freedom to choose solar energy.”
Antoun said the initiative is underway, with M+W Energy constructing several small, closely sited solar projects comprising approximately 41MWDC of clean renewable energy. Additional generation facilities are expected to begin construction by the end of 2016.
Power generated by the solar plants will be purchased by a regional utility’s consumers through a special community solar program that gives commercial and industrial operations, non-profits, educational institutions and residential customers access to clean, renewable energy without needing to install and maintain solar panels on their rooftops, and with the confidence that these systems are operated and maintained with utility-scale infrastructure and reliability.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. 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: effects on our financial statements and guidance resulting from certain tax matters; 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 (including estimated future module collection and recycling costs), warranties, solar module efficiency and balance of systems cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates 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 PV solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; our ability to expand manufacturing capacity worldwide; 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," "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. 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 most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.