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July 28, 2014 08:00 UTC

First Solar, XSOL Establish Supply Agreement in Japan

Will enable broader application of safe, clean, renewable energy

System integrator targets installation of 100MW of First Solar thin film modules per year

TOKYO--(BUSINESS WIRE)-- First Solar (NASDAQ:FSLR), the leading global provider of comprehensive photovoltaic (PV) solar energy solutions, and XSOL Co., Ltd., a leading distributor and integrator of solar systems in Japan, today announced that they have signed an agreement to supply First Solar’s cadmium telluride (CdTe) thin film modules in Japan. The agreement targets installation of 100 megawatts (MW)DC per year.

Last year, First Solar announced plans to invest $100M in development of mega solar power projects in Japan. The agreement with XSOL enables First Solar’s advanced technology to be supplied to smaller scale projects as well.

“First Solar is investing in Japan’s energy future,” said Karl Brutsaert, Head of Business Development for First Solar, Japan. “This agreement with XSOL enables us to deliver safe and clean solar electricity on an even broader basis. XSOL is a leader in solar power in Japan, and we look forward to partnering with them to realize solar power’s promise in Japan.”

First Solar technology generates up to 8 percent more energy than conventional crystalline silicon modules, and a superior temperature coefficient results in greater energy yield in warmer climates. First Solar modules have also been independently tested to pass accelerated life and stress tests beyond industry standards, indicating best-in-class long-term performance and durability in the harshest operating conditions. By combining higher energy yields and industry-leading reliability, First Solar’s advanced thin film solar modules maximize value and minimize risk for customers.

“First Solar’s differentiated technology will be valued by our customers,” said Akira Waki, Director for XSOL. “Further, First Solar modules are recognized by 3rd party scientists as leading in ecological efficiency, and First Solar already has in place a globally-proven module recycling program, enabling us to meet our commitments to save the global environment and broaden solar power accessibility.”

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, 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.

About XSOL Co., Ltd.

XSOL specializes in solar power and has worked on technological developments and its promotion. XSOL’s mission as a leading solar power company is to offer one-stop solutions – innovate ideas, extensive products, consistent services – to create a sustainable society that meets the needs of the people.

Contacts

First Solar Media
Eiko Aiba
Burson-Marsteller for First Solar
Eiko.Aiba@bm.com
or
Deepali Girdhar
+91 8800 843600
deepali.girdhar@firstsolar.com
or
First Solar Investors
David Brady
+1 602-414-9315
dbrady@firstsolar.com


Source: First Solar, Inc.