Press release
Intersect Power Procures 4.9 GW for 2025-2029 Delivery, Increasing its Total 2022 Orders for First Solar Module Technology to 7.3 GW
Intersect Power expected to be the largest buyer and operator of First Solar technology by 2029 TEMPE, Ariz., Nov. 17, 2022 (GLOBE NEWSWIRE) -- First Solar,
About this update from First Solar, Inc.
[{"type":"text","content":"Intersect Power expected to be the largest buyer and operator of First Solar technology by 2029\nTEMPE, Ariz., Nov. 17, 2022 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into agreements to supply an additional 4.9 gigawatts (GW)DC of its high performance, responsibly produced, thin film photovoltaic (PV) solar modules to Intersect Power, LLC. When combined with a previously announced agreement for 2.4 GWDC signed in July 2022, these transactions take Intersect Power’s total orders for First Solar modules this year to 7.3 GWDC. Of the 4.9 GWDC, the agreement to supply 1 GWDC was signed prior to First Solar’s Q3 2022 earnings call in October, while the agreement to supply the remaining 3.9 GWDC was signed subsequent to the October earnings call. The orders placed by Intersect Power this year will see a combination of First Solar’s Series 6 Plus and Series 7 modules deployed in its solar, storage, and green hydrogen projects coming online across the United States from 2025 to 2029. “We have an unprecedented opportunity to decarbonize our economy while simultaneously bolstering our manufacturing sector and providing clean energy security,” said Sheldon Kimber, chief executive officer, Intersect Power. “First Solar’s responsibly produced, high-performance modules are the cornerstone of our commitment to American technology and workers. Our country’s energy transition must be American made.” Prior to 2022, Intersect Power had placed orders for a total of 4.1 GWDC of modules in deals signed in 2019 and 2021. This latest transaction is expected to solidify its position as the world’s largest buyer and operator of First Solar’s US-developed, ultra-low carbon, PV module technology, with an estimated deployed capacity of 11.4 GWDC by 2029. “Intersect Power was one of the early pioneers of long-term, multi-year procurement and has benefitted from the certainty of supply and stable pricing that this approach delivers,” said Georges Antoun, chief commercial officer, First Solar. “We’re proud of this enduring partnership and we’re thrilled that, as Intersect Power continues to scale, its growth will be underpinned by American solar technology produced by First Solar.” Designed and developed at its R&D centers in California and Ohio, First Solar’s advanced thin film PV modules set industry benchmarks for qu...