October 29, 2015
A significant contribution to Austin Energy's aggressive solar goals
Electricity to come from First Solar's East Pecos Solar Project
HOUSTON--(BUSINESS WIRE)--
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
+1 602-427-3359
[email protected]
or
First
Solar InvestorsStephen Haymore
+1 602-414-9315
[email protected]
Source: First Solar, Inc.
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