Longroad Acquirer of Four California Projects from First Solar

Little Bear Solar portfolio totals 160MW_AC, located in Fresno County, California, powered by Series 6 modules  

TEMPE, Ariz. and SAN FRANCISCO, March 02, 2020 (GLOBE NEWSWIRE) -- US-headquartered First Solar, Inc. (Nasdaq: FSLR) announced today that Longroad Energy is the acquirer of four solar projects with a combined capacity of 160-megawatts (MW)_AC. Longroad Energy is a US-based renewable energy developer, owner, and operator, with a multi-gigawatt portfolio of wind and solar projects across the United States. First Solar had previously disclosed the transaction without identifying the acquirer.

Backed by a long-term Power Purchase Agreement (PPA) with a Community Choice Aggregator (CCA), Marin Clean Energy (MCE), the Little Bear Solar portfolio of projects is located in Fresno County, California. The projects, which range from 20MW_AC to 50MW_AC and are expected to be completed by the end of the fourth quarter of 2020, are designed to have a low impact on local land and water resources, and the environment. In addition to creating approximately 500 jobs during the contruction of the facility, Little Bear Solar is also expected to benefit local businesses.

“We are pleased to be working with First Solar to deliver reliable, cleaner solar electricity to communities across the Bay area. MCE’s customers have made the important choice to consume carbon-free electricity, and it is only fitting that these projects will be powered by lowest carbon solar modules available today,” said Michael Alvarez, COO of Longroad Energy. “Responsibly developed, backed by long-term PPAs and powered by innovative solar technology designed in America, these projects are welcome additions to our growing portfolio in the United States.”

The projects will be powered by First Solar’s Series 6 module technology. Designed and developed at the Company’s research and development centers in California and Ohio, and produced in just 3.5 hours using sophisticated, fully-integrated manufacturing processes, each large-format Series 6 module leverages First Solar’s proprietary thin film technology. With a carbon footprint that is up to six times lower than crystalline silicon PV panels that are manufactured using conventional, energy-intensive production methods, Series 6 delivers a superior environmental profile and cleaner solar electricity.

“CCAs are playing a growing role in the democratization and decarbonization of California’s electricity, and we could not have asked for a better partner than Longroad Energy to deliver on our first deal in this important segment,” said Georges Antoun, Chief Commercial Officer, First Solar. “With demand being driven primarily by environmentally-conscious consumers, we see a tremendous opportunity to support the growth of this segment with our portfolio of responsibly developed projects, powered by the world’s lowest carbon solar module technology.”

With 1.9-gigawatts (GW)_DC of annualized manufacturing capacity in the US, First Solar is America’s and the Western Hemisphere’s largest solar manufacturer. Headquartered in Arizona, the Company operates two factories in Ohio. First Solar recently celebrated two decades since its founding in 1999, and 25GW_DC of PV modules shipped, making it the only American solar module manufacturing company to achieve this milestone. It also operates manufacturing facilities in Vietnam and Malaysia.

About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, 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 solutions protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

About Longroad Energy Holdings, LLC
Founded in 2016, Longroad Energy Holdings, LLC is focused on renewable energy project development, operating assets, and services. Today, Longroad owns 1.2 GW of wind and solar projects across the United States in addition to operating and managing a total of 2.4 GW of wind and solar projects on behalf of Longroad and third parties. Longroad is owned by the New Zealand Superannuation Fund, Infratil Limited, and Longroad Energy Partners, LLC. For further information, visit www.longroadenergy.com.

About MCE
As California’s first Community Choice Aggregation Program, MCE is a groundbreaking, not-for-profit, public agency that has been setting the standard for energy innovation in our communities since 2010. MCE offers cleaner power at stable rates,  significantly reducing energy-related greenhouse emissions and enabling millions of dollars of reinvestment in local energy programs. MCE is a load-serving entity supporting a 1,000 MW peak load. MCE provides electricity service to more than 480,000 customer accounts and more than one million residents and businesses in 34 member communities across four Bay Area counties: Napa, Marin, Contra Costa, and Solano. For more information about MCE, visit www.mceCleanEnergy.org.

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, but are not limited to, statements concerning First Solar’s sale of PV projects with a total nameplate design of 160MW_AC. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “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 and therefore speak only as of the date of this release. 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, whether as a result of new information, future developments or otherwise. 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 under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.     

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5bc5798e-5434-463c-9e61-5bb49cb5d4da