First Solar, Inc. (NASDAQ: FSLR) today announced that it has been selected by independent energy company Tenaska Solar Ventures to design and build the 150 megawatt (MW) AC Tenaska Imperial Solar Energy Center West project near El Centro, California.
First Solar will provide full Engineering, Procurement and Construction (EPC) services on the project, employing its advanced thin film photovoltaic modules and single-axis tilt technology. The project sits on approximately 1,100 acres of previously disturbed land in Imperial County. Tenaska Imperial West is the second solar project in Southern California’s Imperial Valley developed, owned and managed by Tenaska. In November of 2013, First Solar completed construction on the 130MW AC Tenaska Imperial Solar Energy Center South power plant for Tenaska.
“We are pleased to continue our relationship with Tenaska,” said Roger Bredder, First Solar’s Managing Director for U.S. Business Development. “This project will provide up to 800 jobs in the Imperial Valley at construction peak, and make a significant economic contribution to the local community. It will also provide the residents of Southern California with a reliable source of clean, renewable energy.”
Bredder said that the highly qualified local workforce that built Tenaska Imperial South over the past two years will provide a strong pool of experienced workers familiar with First Solar’s technology and construction methods.First Solar has already started engineering and expects to begin construction later in 2014, with full commercial operation anticipated in 2016. San Diego Gas & Electric Company holds a 25-year power purchase agreement (PPA) for all electricity generated by Tenaska Imperial West. Tenaska is an energy company based in Omaha, Nebraska, with a proven track record of developing, constructing, owning, and operating state-of-the-art electric generating plants. 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, 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, 2013, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV