D. E. Shaw Renewable Investments Acquires Cuyama Solar Project from First Solar

40MW project adds to DESRI’s portfolio of PV assets

TEMPE, Ariz.–(BUSINESS WIRE)–First Solar, Inc. (Nasdaq: FSLR) and D. E. Shaw Renewable Investments,
L.L.C. (DESRI) today announced the acquisition by a DESRI affiliate of
the 40 Megawatt (MW)ac Cuyama Solar Project in Santa Barbara County,
California. Terms of the deal were not disclosed.

The project, which was developed by First Solar, is currently under
construction, with completion anticipated by the end of 2017. Power from
the project is expected to be supplied to Pacific Gas & Electric (PG&E)
under a 25-year power purchase agreement (PPA) starting in January 2019.
Community Choice Aggregator Peninsula Clean Energy has a one-year
“bridge” PPA for power delivered from the plant in 2018.

“We are delighted to work with First Solar on another California solar
project,” said Bryan Martin, CEO of DESRI. “Their technology and
integrated power plant solutions will help us provide a cost-effective
energy solution for the residents and businesses of Santa Barbara.”

“We are pleased to build on this exciting relationship,” said Georges
Antoun, First Solar’s Chief Commercial Officer. “DESRI’s clear
commitment to building their portfolio with affordable, clean energy is
a strong match with First Solar technology.”

When in operation, the power plant – which is the first utility-scale
solar installation in Santa Barbara County – is expected to annually
provide enough clean, affordable sustainable electricity to power about
16,000 typical California homes and displace more than 30,000 metric
tons of CO2 greenhouse gas emissions each year – the equivalent of
taking almost 6,000 cars off the road.

Cuyama is the third renewable energy project DESRI has acquired from
First Solar. In 2016, DESRI affiliates acquired the 31MWac Portal Ridge
Solar Project in Los Angeles County and the 11MWac Rancho Seco Solar
Project in Sacramento County.

About D. E. Shaw Renewable Investments

D. E. Shaw Renewable Investments, L.L.C. (DESRI) and its affiliates
acquire, own, and manage long-term contracted renewable energy assets in
North America. DESRI’s portfolio of renewable energy projects currently
includes 27 wind and solar projects that represent more than 1,300 MW of
aggregate capacity. DESRI is a member of the D. E. Shaw group, a global
investment and technology development firm with more than $42 billion in
investment capital as of April 1, 2017, and offices in North America,
Europe, and Asia. Please visit www.deshaw.com
for more information about the D. E. Shaw group.

This press release is provided for the reader’s information only and
does not constitute investment advice or convey an offer to sell, or the
solicitation of an offer to buy, any securities or other financial
products.

Please also note that this press release has not been updated since its
dateline for any information contained in it that may have changed,
including any beliefs and/or opinions. In addition, no assurances can be
given that any aims, assumptions, expectations, and/or goals described
in this release will be realized or that the activities or any
performance described herein did or will continue at all or in the same
manner as at the time of the press release.

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: effects on our financial statements and
guidance resulting from certain module manufacturing changes and
associated restructuring activities; 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;
the impact of public policies, such as tariffs or other trade remedies
imposed on solar cells and 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;
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Contacts

First Solar Media
Steve Krum
+1 602-427-3359
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or
First
Solar Investors
Stephen Haymore
+1 602-414-9315
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