First Solar and D. E. Shaw Renewable Investments Ink Module Deal
200MWdc of Series 6 modules slated for DESRI Project Pipeline
TEMPE, Ariz.–(BUSINESS WIRE)–First Solar, Inc. (Nasdaq: FSLR) announced today that it has completed a
module sale deal with an affiliate of D. E. Shaw Renewable Investments,
L.L.C. (DESRI) totaling 200 Megawatts (MW)dc and with delivery dates in
2019. Terms of the deal were not disclosed.
First Solar will provide 200MWdc of its new large area Series 6 thin
film photovoltaic (PV) modules to DESRI for its near-term pipeline of
projects going into construction in the next two years in the U.S. In
addition, First Solar signed operations and maintenance (O&M) contracts
for two projects that DESRI is developing.
“DESRI is thrilled to continue growing its partnership with First
Solar,” said Bryan Martin, CEO of DESRI. “We take great comfort knowing
that these projects will benefit from the company’s cutting-edge module
technology in the industry, as well as its exceptional O&M services
“This combination of our industry-leading module technology and
world-class O&M services will provide DESRI with a reliable, resilient
and high-performance renewable energy generation asset,” said Georges
Antoun, Chief Commercial Officer, First Solar. “We are proud to build on
our strong relationship with this trusted partner.”
In addition to this module sale, DESRI has acquired three solar projects
from First Solar since 2016 – the 40MWac Cuyama Solar Project in Santa
Barbara County, Calif., the 31MWac Portal Ridge Solar Project in Los
Angeles County, Calif., and the 11MWac Rancho Seco Solar Project in
Sacramento County, Calif.
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.
About D. E. Shaw Renewable Investments, L.L.C.
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 28 wind and solar projects that represent more than 1,350 MW of
aggregate capacity. DESRI is a member of the D. E. Shaw group, a global
investment and technology development firm with more than $46 billion in
investment capital as of October 1, 2017, and offices in North America,
Europe, and Asia. Please visit www.deshaw.com
for more information about the D. E. Shaw group.
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 technology and 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 expand manufacturing capacity
worldwide; 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, and other filings with the Securities and Exchange