Consortium led by ACWA Power establishes global cost benchmark
with Middle East’s largest PV plant
First Solar, Inc. (Nasdaq: FSLR) today announced that it has
signed an agreement to supply its high performance photovoltaic
(PV) modules to power the 200 megawatt (MW)AC second phase of the
Mohammed bin Rashid Al Maktoum Solar Park in Dubai, the United Arab
Emirates.
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Earlier this year, a consortium led by ACWA Power, a leading
water and power developer, owner and operator based in Saudi
Arabia, and TSK, a Spanish engineering and construction company,
was selected by the Dubai Electricity and Water Authority (DEWA) to
develop, construct, own and operate the independent power project.
According to the consortium, the project’s tariff of 5.84 USD cents
per kilowatt-hour establishes a new global benchmark, reducing the
cost of solar electricity by over 20 percent.
Significantly, the utility scale solar plant will be the largest
facility of its kind in the Middle East when completed in early
2017. The plant will produce enough energy to power 30,000 average
homes in the UAE and will displace over 469,650 metric tons of
carbon dioxide per year. The project will be powered by over 2.36
million First Solar modules, compared to the 152,880 that were
installed in the 13MWAC first phase of the Mohammed bin Rashid Al
Maktoum Solar Park. The plant will be built over an area of almost
4.5 million square meters, sufficient to cover as many as 100
soccer pitches.
Paddy Padmanathan, President and Chief Executive Officer, ACWA
Power said, “ACWA Power’s commitment to deliver reliable and
sustainable electricity at the lowest KwH tariff is reflected
clearly in the win it has secured in the second phase of the
Mohammed bin Rashid Al Maktoum Solar Park. The technology we plan
to implement has a proven advantage over conventional solar panels,
delivering more annual energy for the same nameplate watts under
the specific project conditions of the DEWA project. The organic
performance growth program that First Solar is developing with
their photovoltaic (PV) modules sets a benchmark in the PV
industry, allowing us to benefit from a long-term reliable and
durable power generation technology for projects of this
scale.”
First Solar’s advanced PV modules have set the industry
benchmark with over 10GW installed worldwide. Offering highly
predictable energy in all climates and applications, the modules
have been independently tested to pass accelerated life and stress
tests beyond industry standards. With both a superior temperature
coefficient and superior spectral response, they have been
independently certified for reliable performance in high
temperature, high humidity, extreme desert, and coastal
environments.
“We are confident that this milestone project will establish a
new benchmark for the reliable, affordable and sustainable
generation of solar energy in the Middle East and around the
world,” said Alfonso Targhetta, Procurement Managing Director and
Board member, TSK. “By combining our world-class engineering and
construction capabilities with First Solar’s high performance
modules, this project will help define how utility scale PV plants
are developed throughout the region and beyond.”
“This project’s impact on the global energy transition cannot be
overstated. It has effectively driven down the cost of solar
electricity, marking a new milestone in solar PV’s evolution as a
mainstream energy resource,” said Ahmed S. Nada, Vice President and
Region Executive for the Middle East at First Solar. “In this
competitive environment, the decision to power the project with
First Solar technology is testament to the ability of our high
performance modules to reliably deliver energy, even in challenging
operating conditions. In fact, with this win, First Solar will have
earned the position of being the leading PV solutions provider in
the Middle East, with a projected installed capacity of at least
270MW across the region by 2017.”
First Solar modules already power the 13MWAC first phase of the
Mohammed bin Rashid Al Maktoum Solar Park and will be installed at
the 52.5MWAC Shams Ma’an solar PV plant, currently under
construction in Jordan and scheduled for completion in the second
half of 2016.
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 cost
reduction roadmaps, 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 PV solar
power systems; research and development programs and our ability to
improve the conversion efficiency of our solar modules; sales and
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