First Solar, California Utility Sign Agreements for 500MW
January 19 2016 - 08:00AM
Business Wire
Power to come from projects in California, Nevada and
Arizona
Utility becomes First Solar’s largest off-taker
First Solar, Inc. (NASDAQ: FSLR) and Southern California Edison
(SCE) have announced the signing of Power Purchase Agreements
(PPAs) for the off-take of electricity generated by four solar
projects totaling 500 megawatts (MW)AC of capacity. The deals
establish SCE as the largest single off-taker of energy from First
Solar projects in the world.
The PPAs are for power generated by four projects in California,
Nevada and Arizona, all currently in development by First Solar,
with anticipated commissioning by the end of 2019:
- The 150MWAC North Rosamond Solar
Project, located in Rosamond, Calif., will occupy approximately
1,175 acres of private land, and will produce approximately 488,000
MWh/year.
- 100MWAC from the Willow Springs Solar
Project, located near the North Rosamond Solar Project in Rosamond,
Calif., which will occupy approximately 1,450 acres of private
land, and will produce approximately 330,000 MHh/year.
- The 100MWAC Sunshine Valley Solar
Project will be located in Amargosa, Nev., less than four miles
from the California border, on privately owned land. It will
produce approximately 302,000 MWh/year.
- The 150MWAC Sun Streams Solar Project
will be located on approximately 1,500 acres of land in Tonopah,
Ariz., and will produce approximately 464,000 MWh/year.
With these agreements, SCE has 2.2 gigawatts (GW) of solar
capacity under contract from projects developed and/or built by
First Solar. SCE’s first PPA with a project developed by First
Solar was for the 21 MWAC Blythe Solar Project in 2009. The utility
also has a long-term agreement for 250MWAC of capacity of the
550MWAC Desert Sunlight Solar Project in Desert Center, Calif.,
which was commissioned in 2014. SCE has additional contracts in
place for other projects currently in construction, including the
Desert Stateline project in California and the Silver State South
project in Nevada.
“This is an exciting milestone to reach in a valued long-term
relationship,” said Brian Kunz, First Solar’s Vice President of
Project Development – US West. “As an early off-taker, SCE was
visionary in their inclusion of utility-scale solar in their energy
mix. Their commitment to providing rate-payers with clean,
affordable renewable energy continues with this set of
agreements.”
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: our business
strategy, including anticipated trends and developments in and
management plans for our business and the markets in which we
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(including estimated future module collection and recycling costs),
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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;
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version on businesswire.com: http://www.businesswire.com/news/home/20160119005505/en/
First Solar MediaSteve Krum+1
602-427-3359steve.krum@firstsolar.comorFirst Solar InvestorsStephen
Haymore+1 602-414-9315stephen.haymore@firstsolar.com
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