First Solar, Inc. : First Solar and PG&E Sign Contracts for 72 Megawatts of Solar Photovoltaic Electricity
09/11/2012| 08:40am US/Eastern
Solar projects in Kern and Santa Barbara counties will help meet
California's renewable energy goals
First Solar, Inc. (Nasdaq: FSLR) today announced it has signed power
purchase agreements with Pacific Gas and Electric Company (PG&E) for 72
megawatts AC of solar electricity to be generated at two
photovoltaic power plants that First Solar is developing in central
The 32-megawatt Lost Hills project in Kern County and the 40-megawatt
Cuyama project in Santa Barbara County are expected to create up to 600
jobs at peak construction. Project construction could start in 2013 as
soon as the development process is complete, depending on plans of the
projects' eventual owners.
Together, Lost Hills and Cuyama will produce enough clean, renewable
energy to power some 24,000 California homes, offsetting approximately
45,000 metric tons of CO2 annually--the equivalent of taking
about 8,900 cars off the road each year.
"We are very pleased to add these projects to PG&E's solar portfolio,
helping it and California reach their renewable energy goals," said
Brian Kunz, First Solar Vice President of Project Development.
"Grid-friendly utility-scale power plants from First Solar are readily
integrated into the electrical infrastructure."
The power purchase agreements--each with a delivery term beginning in
2019--are subject to approval by the California Public Utilities
Commission, whose decision is expected in the first half of 2013.
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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