First Solar, Inc. (Nasdaq: FSLR) announced today an agreement with
Public Service Company of New Mexico (PNM) to construct three solar
power plants totaling 23 megawatts (MW)AC of generating
capacity. Under the agreement, First Solar is expected to provide
engineering, procurement and construction (EPC) services, using its
advanced thin-film photovoltaic (PV) modules. PNM is the largest
electrical provider in New Mexico, serving more than 500,000 customers
in dozens of communities across the state.
Contingent on approval from the New Mexico Public Regulation Commission,
which PNM filed for earlier this month, the agreement establishes terms
for the plants’ EPC work. The projects are part of PNM’s 2014 portfolio
of renewable energy resources. These new projects are in addition to
five plants completed in 2011 and an additional 21.5 megawatts of solar
PV to be completed this year; all totaling 67MWAC that First
Solar has contracted or is expected to construct with PNM by the end of
2014.
The three projects, once approved, are expected to begin construction
and be completed in 2014. Up to 300 local construction jobs are expected
at peak.
“We are very pleased to be working with PNM on these new projects,” said
Dana Diller, First Solar’s Vice President of U.S. Business Development.
“PNM and the State of New Mexico continue to make great strides in
meeting their renewable energy goals, and First Solar is excited to play
a significant role in that effort.”
The solar plants in aggregate will generate enough clean energy to power
up to 8,960 average New Mexico homes, displacing about 25,300 metric
tons of CO2 annually– the equivalent of taking some 5,270
cars off the road, and displacing up to 14.5 million gallons of water
consumption annually.
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 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.
Copyright Business Wire 2013