First Solar, Inc. (Nasdaq: FSLR) announced today it has entered into an agreement to construct a 250 megawatt (MW) AC solar power plant in Riverside County, California, for a subsidiary of NextEra Energy Resources, LLC.
The McCoy Solar Energy Project will be located on approximately 2,300 acres of mostly public land provided by the Bureau of Land Management (BLM) approximately 13 miles northwest of Blythe, California. Under the agreement, First Solar will provide Engineering, Procurement and Construction services, using First Solar’s cadmium telluride (CdTe) photovoltaic thin-film modules.
The project is located near the 550MW AC Desert Sunlight Solar Farm, jointly owned by a subsidiary of NextEra, GE Energy Financial Services, and Sumitomo Corporation of America, currently under construction by First Solar. An affiliate of NextEra Energy Resources also previously purchased two projects built by First Solar in Canada.
“First Solar is pleased to have this opportunity to work again with NextEra,” said Roger Bredder, First Solar’s Director of Business Development for the U.S. “And we are proud to continue providing jobs in Riverside County.”Construction is expected to begin in late 2014, with completion in late 2016. The project will provide up to 400 construction jobs at peak operation. The McCoy Solar Energy Project construction award reaffirms First Solar’s position as one of the world’s leading developers and builders of PV solar power systems. The company was recently ranked as the second largest contractor in the global power sector by Engineering News-Review. About First Solar 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: 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, warranties, solar module efficiency and balance of systems (“BoS”) cost reduction roadmaps, restructuring, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct photovoltaic (“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,” “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 Annual Report on Form 10-K for the year ended December 31, 2012, as updated and supplemented by risk factors included in our Prospectus dated June 12, 2013 filed with the SEC pursuant to Rule 424(b)(5) (the “Prospectus”), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.
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