First Solar, California Utility Sign Agreements for 500MW

Power to come from projects in California, Nevada and Arizona Utility becomes First Solar’s largest off-taker

TEMPE, Ariz.--(BUSINESS WIRE)--First Solar, Inc. (NASDAQ: FSLR) and Southern California Edison (SCE) have announced the signing of Power Purchase Agreements (PPAs) for the off-take of electricity generated by four solar projects totaling 500 megawatts (MW)AC of capacity. The deals establish SCE as the largest single off-taker of energy from First Solar projects in the world.


The PPAs are for power generated by four projects in California, Nevada and Arizona, all currently in development by First Solar, with anticipated commissioning by the end of 2019:

The 150MWAC North Rosamond Solar Project, located in Rosamond, Calif., will occupy approximately 1,175 acres of private land, and will produce approximately 488,000 MWh/year.
100MWAC from the Willow Springs Solar Project, located near the North Rosamond Solar Project in Rosamond, Calif., which will occupy approximately 1,450 acres of private land, and will produce approximately 330,000 MHh/year.
The 100MWAC Sunshine Valley Solar Project will be located in Amargosa, Nev., less than four miles from the California border, on privately owned land. It will produce approximately 302,000 MWh/year.
The 150MWAC Sun Streams Solar Project will be located on approximately 1,500 acres of land in Tonopah, Ariz., and will produce approximately 464,000 MWh/year.
With these agreements, SCE has 2.2 gigawatts (GW) of solar capacity under contract from projects developed and/or built by First Solar. SCE's first PPA with a project developed by First Solar was for the 21 MWAC Blythe Solar Project in 2009. The utility also has a long-term agreement for 250MWAC of capacity of the 550MWAC Desert Sunlight Solar Project in Desert Center, Calif., which was commissioned in 2014. SCE has additional contracts in place for other projects currently in construction, including the Desert Stateline project in California and the Silver State South project in Nevada.

"This is an exciting milestone to reach in a valued long-term relationship," said Brian Kunz, First Solar's Vice President of Project Development - US West. "As an early off-taker, SCE was visionary in their inclusion of utility-scale solar in their energy mix. Their commitment to providing rate-payers with clean, affordable renewable energy continues with this set of agreements."

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.

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 (including estimated future module collection and recycling costs), warranties, solar module efficiency and balance of systems cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates 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 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 most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.

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