First Solar, Inc. (Nasdaq: FSLR) announced today that it has agreed to
sell the 250-megawatt (MW)AC Silver State South Solar Project
to a subsidiary of NextEra Energy Resources.
The deal is expected to close early in 2014, subject to certain
conditions precedent. Terms of the transaction were not disclosed.
Silver State South is located on approximately 3,000 acres of public
land in Clark County, Nev. The project is adjacent to the 50MWAC
Silver State North project, which was developed and built by First Solar
and commissioned in 2012.
First Solar will continue to develop and permit Silver State South, and
provide Engineering, Procurement and Construction (EPC) services for the
project. Construction is expected to begin once final regulatory and
permitting approvals have been received, and be completed in late 2016.
At peak activity, the project will create up to 300 full-time
construction jobs.
Silver State South will utilize First Solar’s photovoltaic thin film
solar modules, installed on the company’s single-axis tracker mounting
system. All the power from Silver State South will be sold to Southern
California Edison under a long-term power purchase agreement.
“First Solar is committed to bringing Silver State South to life as part
of our growing Nevada solar power portfolio,” said Tim Rebhorn, First
Solar’s Senior Vice President of Business Development for the Americas.
“Together, NextEra and First Solar are playing a key role in creating
more jobs in Nevada and delivering clean, affordable solar energy.”
“The acquisition of Silver State South is another important milestone as
we continue to build our solar business,” said NextEra Energy Resources
Senior Vice President of Development Mike O’Sullivan. “We look forward
to working with the First Solar team to make this project a reality.”
Earlier this month, NextEra Energy Resources named First Solar as the
EPC contractor for its 250MWAC McCoy Solar Energy Project in
Riverside County, Calif.
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, please visit www.firstsolar.com.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities,
"NextEra Energy Resources") is a clean energy leader and is one of the
largest wholesale generators of electric power in the U.S., with over
18,100 megawatts of generating capacity in 24 states and Canada as of
year-end 2012. NextEra Energy Resources, together with its affiliated
entities, is the largest generator in North America of renewable energy
from the wind and sun. The business operates clean, emissions-free
nuclear power generation facilities in New Hampshire, Iowa and Wisconsin
as part of the NextEra Energy nuclear fleet, which is one of the largest
in the United States. NextEra Energy Resources, LLC is a subsidiary of
Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more
information, visit www.NextEraEnergyResources.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.
NextEra Energy Resources Cautionary Statements and Risk Factors That
May Affect Future Results
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements typically express or involve discussion as to
expectations, beliefs, plans, objectives, assumptions or future events
or performance, and often can be identified by the use of words such as
“may,” “plan,” “will,” “expect,” “believe,” “anticipate,” “estimate” and
similar terms.
Although NextEra Energy, Inc. (NextEra) believes that its expectations
are reasonable, because forward-looking statements are subject to
certain risks and uncertainties, it can give no assurance that the
forward-looking statements contained in this press release will prove to
be correct, including NextEra’s expectations with respect to the Silver
State South Solar Farm. Important factors could cause NextEra’s actual
results to differ materially from those projected in the forward-looking
statements in this press release. Factors that could have a significant
impact on NextEra’s operations and financial results, and could cause
NextEra’s actual results or outcomes, both generally and specifically
with respect to the Silver State South Solar Farm, to differ materially
from those discussed in the forward-looking statements include, among
others:
-
Inability to complete construction of, or capital improvements to, the
Silver State South Solar Farm or other NextEra power generation
facilities
-
Inability to obtain the required regulatory approvals and permits for
the construction and operation of the Silver State South Solar Farm
-
Inability to obtain the supplies necessary for the construction,
operation and maintenance of the Silver State South Solar Farm or
other NextEra power generation facilities
-
Inability to hire and retain skilled labor for the construction,
operation and maintenance of the Silver State South Solar Farm or
other NextEra power generation facilities
-
Changes in laws, regulations, governmental policies and regulatory
actions regarding the energy industry and environmental matters
-
Inability of NextEra or its affiliates to access capital markets or
maintain their current credit ratings
-
Failure of the Silver State South or other NextEra power generation
facilities to generate the expected amount of electric generation
-
General economic conditions
-
Hazards customary to the operation and maintenance of power generation
facilities, including unanticipated outages
-
Unusual or adverse weather conditions, including natural disasters
-
Transmissions constraints or other factors limiting NextEra’s ability
to deliver energy from NextEra’s power generation facilities
-
Volatility in the price of energy
-
Failure of NextEra customers to perform under contracts
-
Increased competition in the power industry
-
Changes in the wholesale power markets
-
Costs and other effects of legal and administrative proceedings
-
Terrorism or other catastrophic events
These foregoing factors should be considered in connection with
information regarding risks and uncertainties that may affect NextEra’s
future results included in NextEra’s filings with the Securities and
Exchange Commission (SEC), which are available at the SEC’s website at www.sec.gov.
Any forward-looking statement speaks only as of the date on which such
statement is made, and NextEra undertakes no obligation to update any
forward-looking statement to reflect events or circumstances, including,
but not limited to, unanticipated events, after the date on which such
statement is made, unless otherwise required by law. New factors emerge
from time to time and it is not possible for management to predict all
of such factors, nor can it assess the impact of each such factor on the
business or the extent to which any factor, or combination of facts, may
cause actual results to differ materially from those contained or
implied in any forward-looking statement.
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