First Solar, Inc. (Nasdaq: FSLR) today announced it has started constructing the 139 megawatt Campo Verde Solar Project, located near El Centro in Imperial County, Calif. The solar power plant is expected to be completed in 2013.
Economic benefits of the project include approximately 250 construction jobs, as well as over $230 million in new economic activity to the Imperial Valley, according to a county study.
The project gained the approval it needed on Dec. 18, 2012, from the Imperial Irrigation District (IID) for easements required to cross IID’s Westside Main Canal with the project’s transmission line. Earlier approvals included a decision to issue a Right of Way grant from the U.S. Bureau of Land Management (BLM) and a Conditional Use Permit from Imperial County.
“The County of Imperial is very pleased to see the commencement of construction of the Campo Verde Solar Project, which brings numerous benefits to the Valley and our citizens,” said Ray Castillo, County Board President. “First Solar’s project brings much needed jobs and economic development to the Valley at a time when it is sorely needed. The project also pays added tax revenue, funds for agricultural benefits and community benefits while helping the County diversify its economy. We’ve been working to attract projects like this for the past five or six years and are glad to see it’s finally happening. These projects are really our legacy for the Imperial Valley.”“First Solar is grateful to the IID, Imperial County, and the BLM for their support of this project,” said James F. Cook, First Solar Project Development Director. “Campo Verde is creating badly needed jobs and will help the county and state reach their renewable energy goals.” First Solar will construct the project using its advanced thin film PV modules that generate clean, renewable energy with no emissions, waste or water consumption during operation. The project will generate enough electricity to power approximately 50,000 average California homes, displacing 80,000 metric tons of CO 2 per year, the equivalent of taking 15,000 cars off the road. About First Solar, Inc. 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.
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