First Solar, Austin Energy Ink 119MW Power Purchase Agreement
October 29 2015 - 8:00AM
Business Wire
A significant contribution to Austin Energy’s aggressive
solar goals
Electricity to come from First Solar’s East Pecos Solar
Project
First Solar, Inc. (Nasdaq: FSLR) and Austin Energy announced
today that they have signed a power purchase agreement allowing the
municipally owned electricity provider to obtain low-cost solar
power generated by First Solar’s 119 megawatt AC East Pecos Solar
Project.
Austin Energy General Manager Larry Weis said the partnership
will directly benefit the citizens of Austin – as well as the
entire state of Texas – as the utility takes a significant step
towards meeting its solar development goals. “In committing to
procuring 600 megawatts of solar energy in the coming years, the
City of Austin has once again taken a leadership role in Texas,”
Weis said. He added, “We were pioneers in wind energy in the 1990s,
and now we’re leading the way in solar.”
“There is an irrefutable trend of solar becoming competitive in
more geographies. Texas, in particular, shows great promise as an
attractive market for solar-generated electricity, and Austin
Energy is riding that trend,” said Georges Antoun, First Solar’s
President, U.S. “The East Pecos Solar Project is proof of solar’s
real-world cost competitiveness.” Antoun added that Texas’
business-friendly environment, combined with the largest solar
resource in the U.S., makes it an excellent market for
utility-scale solar.
With a robust pipeline of projects in Texas and across the U.S.
southeast, First Solar is strategically positioned to bring its
world-class execution capabilities to capitalize on opportunities
throughout the region where First Solar’s modules are competitively
advantaged.
East Pecos, which First Solar owns and is developing in Pecos
County, Texas, is expected to commence construction in early 2016,
with commercial operations anticipated in late 2016. The project
will create approximately 500 construction jobs. East Pecos will
generate approximately 300,000,000 kilowatt-hours of clean,
renewable energy annually — enough to power 27,000 average homes in
Austin Energy’s service area — and produce efficient, reliable
energy, particularly at peak hours when consumers need it most. For
added benefit, the solar project diversifies the local tax base and
provides a stable source of local tax revenue for years to come.
Moreover, the energy is produced using little to no water, one of
the state’s most valuable resources.
About Austin Energy
Austin Energy, the City of Austin’s electric utility, serves
more than 440,000 customer accounts and more than 1 million
residents in Greater Austin. The utility’s mission — to deliver
clean, affordable and reliable energy along with excellent customer
service — has guided Austin Energy in powering the community and
supporting the region’s growth since 1895. By producing and
investing in wind and solar power, Austin Energy’s electricity is
twice as renewable as the rest of Texas. For more information
about Austin Energy, visit www.austinenergy.com.
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,
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,
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 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 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151029005118/en/
First Solar MediaSteve Krum+1
602-427-3359steve.krum@firstsolar.comorFirst Solar InvestorsStephen
Haymore+1 602-414-9315stephen.haymore@firstsolar.com
First Solar (NASDAQ:FSLR)
Historical Stock Chart
From Mar 2024 to Apr 2024
First Solar (NASDAQ:FSLR)
Historical Stock Chart
From Apr 2023 to Apr 2024