First Solar, Inc. ("First Solar") (NASDAQ:FSLR) announced that MN8 Energy LLC ("MN8") has placed orders for 457 megawatts (MW) of advanced thin film solar modules, including 170 MW of Series 6 Plus bifacial modules and 287 MW of Series 7 modules. The modules will power projects in the northeastern and southern United States.
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First Solar announced that MN8 Energy LLC has placed orders for 457 megawatts (MW) of advanced thin film solar modules, including 170 MW of Series 6 Plus bifacial modules and 287 MW of Series 7 modules. (Photo: Business Wire)
MN8, founded as Goldman Sachs Renewable Power in 2017, owns and operates a 3.2 gigawatt (GW) portfolio, delivering renewable energy solutions to over 40 corporates, 70 government entities, and 20 utilities. MN8 previously transacted with First Solar in their acquisition of the 123 MW American Kings Solar project in California.
"We are pleased to continue our relationship with First Solar, building certainty and resilience into our development pipeline," said David Fernandez, chief operations officer, MN8. "By executing these agreements, MN8 demonstrates strong support for developing a robust domestic supply chain for the US renewable industry that upholds the highest environmental, sourcing, and manufacturing standards. Furthermore, we're thrilled to be collaborating with a partner that shares our commitment to responsibly and domestically produced solar, strengthening our industry's social license to operate."
"MN8 joins a growing number of renewable energy companies that are choosing certainty, competitiveness, and Responsible Solar by choosing First Solar," said Georges Antoun, chief commercial officer, First Solar. "We thank MN8 for its trust and look forward to expanding this relationship."
First Solar, which exited 2023 with 6 GW of annual US nameplate capacity, is the largest solar manufacturer in the western hemisphere.
First Solar's investments in U.S. manufacturing are also believed to make it the most significant enabler of American jobs among solar manufacturers. According to a recent study commissioned by First Solar, it supported an estimated 16,245 direct, indirect, and induced jobs in 2023, representing approximately $1.6 billion in annual labor income. As First Solar grows to an expected 14 GW in annual US nameplate capacity in 2026, it is forecast to support an estimated 30,060 direct, indirect, and induced jobs across the country, representing $2.8 billion in annual labor income. The study projects that every direct job First Solar supports in 2026 will support 7.3 jobs nationwide.
In addition to expanding its Ohio footprint to over 7 GW of annual nameplate capacity this year, First Solar expects to invest over $2 billion in new manufacturing facilities in Alabama and Louisiana, which are expected to come online in 2024 and 2025, respectively. Additionally, First Solar is on track to commission approximately $450 million in R&D innovation infrastructure in Perrysburg, Ohio, in the second half of this year.
About MN8 Energy LLC
MN8 Energy serves enterprise customers on their journey to an electrified, decarbonized world by providing renewable energy and related services. With a more than 3.2 gigawatt solar fleet comprised of over 875 projects across 28 states, over 270 megawatts of battery storage projects, and EV charging solutions, MN8 is one of the largest and most sophisticated independent solar energy and energy storage power producers in the United States. For more information, please visit mn8energy.com.
About First Solar, Inc.
First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company's advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar's approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements by First Solar and/or MN8 (collectively, the "companies"), 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 1) orders for 457 MW of solar modules by MN8 Energy; 2) the expectation that First Solar's Ohio manufacturing footprint will exceed 7 GW of annual nameplate capacity in 2024; 3) the expectation that First Solar will invest over $2 billion in two new manufacturing facilities in Alabama and Louisiana; 4) the expectation that First Solar will have 14 GW of annual US nameplate capacity by 2026; 5) the expectation that First Solar's new R&D infrastructure in Ohio will be completed in the second half of 2024 at an investment of approximately $450 million; and 6) expected economic impacts of First Solar's forecasted US spending, including direct, indirect, and induced jobs, estimated labor income and value and output contributions to the US economy. 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 the companies' current expectations and 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. The companies 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 the companies' 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 Condition and Results of Operations" of First Solar's most recent Annual Report on Form 10-K, as supplemented by First Solar's other filings with the Securities and Exchange Commission. This press release contains references to data and information generated by an economic study conducted by the Kathleen Babineaux Blanco Public Policy Center at the University of Louisiana at Lafayette. The economic study is based on numerous assumptions, estimates and other data as more fully described in the report summarizing the study's findings, which is available at www.firstsolar.com/USeconomy.
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