This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Solar Partners With Kiran Energy And Mahindra Solar One On 50 MWDC Of PV Projects In Rajasthan

First Solar, Inc. (Nasdaq: FSLR), Kiran Energy Solar Power Pvt. Ltd. and Mahindra Solar One Pvt. Ltd. have completed an agreement for the supply of First Solar’s advanced, thin-film solar modules for two solar photovoltaic (PV) power plants totalling 50 megawatts (MW) DC to be constructed in India’s Rajasthan state.

The two adjacent projects, which together will be one of India’s largest PV installations upon completion, are part of the second batch of utility-scale solar projects concluded under India’s Jawaharlal Nehru National Solar Mission (NSM). The NSM aims to install 20,000 MW of new solar electricity generating capacity by 2022.

First Solar will supply more than 585,000 of its advanced, thin-film solar modules for the two projects of 30 MW DC and 20 MW DC. Construction on both projects is expected to begin this year and be completed in the first quarter of 2013.

“First Solar looks forward to working with two leading companies like Kiran and Mahindra Solar One to support India’s renewable energy goals, and we are pleased they selected our technology as the best solution for the high ambient temperatures and diffuse sunlight conditions here,” said Sujoy Ghosh, First Solar’s India Country Head.

“This is a very exciting project for us,” said Pramoda Karkal, Chief Operating Officer of Kiran Energy, “especially so because Kiran Energy, as well as our joint venture, Mahindra Solar One, will own the largest solar power plant aggregation in a single location in India. We are also very happy about our partnership with First Solar, which is providing its world-class PV technology. This will enable us to create a high-quality solar plant that could rank among the best in the country in terms of quality, uptime and output,” he said.

Together, the side-by-side projects are expected to produce an average of more than 85,000 megawatt-hours of clean electricity per year, equivalent to the annual electricity needs of more than 97,000 average Indian households, and displace more than 80,000 metric tons of CO 2 per year based on the national averages.

First Solar has cumulatively produced approximately 80 million of its advanced, thin-film solar modules, which represents a peak generating capacity of more than six gigawatts, enough to power more than 3.3 million homes and displace about four million tons of CO 2 per year.

About First Solar

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced thin-film modules. 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 collection and 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 the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs