First Solar, Silicon Ranch Build on Strategic Partnership
April 05 2016 - 8:30AM
Business Wire
More than 230MW in new supply agreementSuperior performance in
hot, humid climates is key factor in Silicon Ranch selection
First Solar, Inc. (Nasdaq: FSLR) and a subsidiary of Silicon
Ranch Corporation have entered into a framework agreement for 231.6
Megawatts (MW) DC of First Solar’s advanced technology thin film
modules for use in Silicon Ranch projects to be constructed in 2017
and early 2018.
This agreement builds on previous agreements for more than 180MW
DC of modules used in Silicon Ranch projects entering commercial
operations in 2015 and 2016, located in Colorado, Georgia,
Mississippi, Arkansas and Tennessee. The southeastern U.S. region
is rapidly emerging as a growing market for photovoltaic (PV) solar
development, where Silicon Ranch has played a leading role as a
developer, owner and operator.
First Solar’s thin film technology has demonstrated clear
advantages over conventional multicrystalline silicon (mc-Si) solar
products in all regions of the world, most significantly in the
hot, humid climates that make up a large part of Silicon Ranch’s
project footprint. When taking into account conversion efficiency,
temperature coefficient, spectral response and shadow tolerance,
First Solar technology provides an energy density of more than 10
percent over mc-Si products in this region. That means that, given
the same land area with an equivalent module ground cover ratio,
First Solar’s modules will produce more annual energy from the same
land area than mc-Si.
“First Solar is pleased to strengthen our relationship with
Silicon Ranch through this deal,” said Roger Bredder, First Solar’s
Vice President of U.S. Business Development. “There is deep value
in aligning with a trusted, major solar developer, and our previous
endeavors with Silicon Ranch have allowed us to jointly benefit
from working in a region with exciting growth opportunities.”
“As long-term owners of all our projects, Silicon Ranch
recognizes the importance of quality and performance in every
choice we make,” said Pete Candelaria, Silicon Ranch’s Chief
Technology Officer. “First Solar is a U.S. manufacturer with
superior products and a strong balance sheet, all of which were
important factors in our selection. Furthermore, their technical
and logistics units are the best in the business, which made them a
great fit for the Silicon Ranch team.”
Similar to a portion of the 2015/2016 Silicon Ranch projects,
some of the 2017 projects may also employ First Solar’s balance of
system solutions, including the company’s single-axis tracker.
Silicon Ranch plans to begin to take delivery of the first modules
under this agreement in the first quarter of 2017 and will continue
to supply its projects until the first quarter of 2018.
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, visit www.firstsolar.com.
About Silicon Ranch Corporation
Silicon Ranch, based in Nashville, Tenn., is one of the top 15
solar owner-operators in the U.S. Silicon Ranch is a full-service,
renewable energy provider that customizes solar solutions based
upon the individual needs of its customers. Silicon Ranch’s value
to its customers is its ability to develop and execute solar
solutions that help companies and organizations build brand equity
and pursue a socially responsible community benefit, while allowing
those companies to focus on their core business activities. Silicon
Ranch has been instrumental in helping its partners accomplish
numerous “firsts” in their respective marketplaces. For more
information about Silicon Ranch Corporation, visit
www.siliconranchcorp.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 pending 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;
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160405005454/en/
First Solar MediaSteve Krum+1
602-427-3359steve.krum@firstsolar.comorFirst Solar InvestorsStephen
Haymore+1 602-414-9315stephen.haymore@firstsolar.comorSilicon Ranch
MediaMatt Beasley+1
615-577-4616matt.beasley@siliconranchcorp.com
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