First Solar, Inc. (Nasdaq: FSLR) and Shams Ma’an Power Generation today
announced the signing of a Power Purchase Agreement (PPA) for a planned
52.5 megawatt (MWAC) solar power plant in the Hashemite
Kingdom of Jordan. The PPA was signed with the National Electric Power
Company (NEPCO), the country’s regulatory authority for power generation
and distribution, and is valid for 20 years.
Shams Ma’an Power Generation PSC – which counts First Solar GmbH as a
shareholder - was established to pursue solar energy opportunities in
the country. In addition to supplying its advanced thin film
photovoltaic (PV) solar modules, First Solar will also provide
Engineering, Procurement and Construction (EPC), and Operations and
Maintenance (O&M) services for the project.
“The Shams Ma’an solar power plant represents the future of Jordan’s
energy independence. By bringing together industry-leading capabilities,
international financing and advanced thin film technology that is
ideally suited to local conditions, we will establish a regional
benchmark for the independent production of power,” said Hanna Zaghloul,
Chief Executive Officer of Shams Ma’an. “There is no doubt that adding
PV capacity to the country’s energy generation portfolio offers Jordan
and its people a winning value proposition.”
The power plant - which will be the largest facility of its kind in
Jordan, representing one percent of the country’s overall generation
capacity – will supply 160 million kilowatt hours (kWh) of electricity
per year, sufficient to power over 35,000 average homes in the country.
The project, which is part of the ambitious Ma’an Development Area (MDA)
initiative in southern Jordan, will generate an estimated 500 jobs
during its construction. Additionally, the plant will also help the
country reduce its carbon footprint by displacing approximately 90,000
metric tons of Carbon Dioxide (CO2) per year, equivalent to removing
about 20,000 cars from its roads.
“This agreement marks a significant step towards fulfilling Jordan’s
energy security goals. By efficiently harnessing the country’s most
abundant energy resource, Shams Ma’an will help power sustainable growth
and development with clean, affordable and reliable solar electricity,”
said Ahmed S. Nada, Vice President of Business Development for First
Solar in the Middle East.
A vertically integrated solar energy company, First Solar recently set a
new world record for cadmium-telluride (CdTe) PV solar cell conversion
efficiency, which has been certified at the Newport Corporation's
Technology and Applications Center (TAC) PV Lab and confirmed by the
U.S. Department of Energy's National Renewable Energy Laboratory (NREL).
The new research cell conversion efficiency – 20.4 percent in laboratory
conditions - matches the research cell efficiency record of
multicrystalline silicon, another technology used in the PV solar market.
With a pipeline of over 3 Gigawatts (GW) of contracted solar power
plants and over 8GW installed worldwide, the collective capacity of the
company’s modules is approximately the same as eight nuclear power
plants. First Solar’s commercial footprint spans six continents,
including Africa, with manufacturing facilities in the US and Malaysia.
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 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
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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
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