October 27, 2015
Project is first of three to be built by First Solar for regional
power utility
TEMPE, Ariz.--(BUSINESS WIRE)--
First Solar, Inc. (NASDAQ: FSLR) joined Indiana Michigan Power (I&M)
yesterday at a groundbreaking ceremony for the Twin Branch Solar
Facility in Mishawaka, Indiana. The 2.6 megawatt (MW) project is the
first of three First Solar is building for I&M, an operating unit of
regional power utility American Electric Power (NYSE: AEP).
'I&M is pleased to partner with First Solar in bringing emission-free,
large-scale solar generation to Michiana,' said Paul Chodak III,
President and Chief Operating Officer of Indiana Michigan Power. 'I&M
and First Solar will be building cost-effective, efficient facilities
that will serve customers well by further diversifying I&M's generation
with zero carbon footprint.'
'It is exciting to be working directly with one of the largest
vertically integrated utilities in the U.S.,' said Eran Mahrer, First
Solar's Senior Director of Business Development - Utilities. 'AEP is
aggressively developing a fleet of renewable energy generation
facilities in the region, and their commitment to solar power as a
cornerstone of that renewable portfolio is at the forefront of a
national trend.'
Mahrer noted that Twin Branch's site location - approximately 19 acres
in the heart of an industrial park - shows how utility-scale solar can
be integrated into an urban commercial setting.
In addition to Twin Branch, First Solar will be building the 5MW Olive
Solar Facility in New Carlisle, Indiana and the 4.6MW Watervliet Solar
Facility in Watervliet, Indiana for I&M, all using First Solar's
advanced technology thin film photovoltaic modules. The three projects
are expected to be in full commercial operation by the end of 2016, and
will be connected to I&M's existing distribution system.
First Solar will be working with trusted strategic partner GEM Energy of
Walbridge, Ohio, as the engineering, procurement and construction (EPC)
contractor for Twin Branch. When commissioned, the power plant will
generate enough energy annually to power the equivalent of 350 homes.
I&M will own and operate the power plant, supported by system monitoring
software provided by First Solar subsidiary skytron® energy GmbH.
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.
About Indiana Michigan Power and American Electric Power
Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its
2,450 employees serve more than 589,000 customers. It operates 2,600 MW
of coal-fired generation in Indiana, 2,160 MW of nuclear generation in
Michigan and 22 MW of hydro generation in both states. The company also
provides its customers 450 MW of purchased wind generation and, by the
end of 2016, approximately 15 MW of large-scale solar generation.
American Electric Power (AEP) is one of the largest electric utilities
in the United States, delivering electricity to more than 5.3 million
customers in 11 states. AEP ranks among the nation's largest generators
of electricity, owning nearly 32,000 megawatts of generating capacity in
the U.S. AEP also owns the nation's largest electricity transmission
system, a 40,000-mile network that includes more 765-kilovolt extra-high
voltage transmission lines than all other U.S. transmission systems
combined. AEP's transmission system directly or indirectly serves about
10 percent of the electricity demand in the Eastern Interconnection, the
interconnected transmission system that covers 38 eastern and central
U.S. states and eastern Canada, and approximately 11 percent of the
electricity demand in ERCOT, the transmission system that covers much of
Texas. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian
Power (in Virginia and West Virginia), AEP Appalachian Power (in
Tennessee), Indiana Michigan Power, Kentucky Power, Public Service
Company of Oklahoma, and Southwestern Electric Power Company (in
Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus,
Ohio.
About GEM Energy
GEM Energy offers a wide array of services to help customers increase
their energy efficiency, sustainability and energy savings. GEM Energy's
comprehensive energy services and technologies include solar
development, integration of power generation, advanced heating and
cooling systems, procurement and FlexSet energy monitoring/building
control systems for commercial, industrial, institutional and
mission-critical facilities. GEM Energy is part of the Rudolph Libbe
Group, which also includes Rudolph Libbe Inc., GEM Inc., Lehman Damanand Rudolph Libbe Properties. A full-service team of companies, the
Rudolph Libbe Group provides customized building solutions together and
independently. The Rudolph Libbe Group is a single source of
comprehensive construction services ranging from site selection and
financing, through all aspects of construction to ongoing maintenance.
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/20151027006621/en/
First Solar MediaSteve Krum
+1 602-427-3359
[email protected]
or
First
Solar InvestorsStephen Haymore
+1 602-414-9315
[email protected]
Source: First Solar, Inc.
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