PHOENIX, Sept. 28, 2007 (PRIME NEWSWIRE) -- First Solar, Inc.
(Nasdaq:FSLR) announced today that its board of directors has
approved the construction of an additional manufacturing plant in
Malaysia with an annual nameplate production capacity of 120
Megawatts, representing an aggregate investment of approximately $150
million. The new plant is scheduled to start production in the first
half of 2009 and will be built adjacent to two previously announced
plants currently under construction in Malaysia.
First Solar operates manufacturing plants in the U.S. and Germany
with total annual nameplate production capacity of 210MW and is
currently constructing two additional manufacturing plants in
Malaysia with total annual nameplate production capacity of 240MW.
This expansion will bring the Company's total annual nameplate
production capacity to 570MW upon completion of all announced
projects by the end of 2009.
The production from the newly announced plant expansion will be used
to meet additional demand from First Solar's existing customers,
including Blitzstrom GmbH, Conergy AG, Gehrlicher Umweltschonende
Energiesysteme GmbH, Phoenix Solar AG, and Reinecke + Pohl Sun Energy
AG, and to meet demand under a new long term contract with ASSYCE
Fotovoltaica, a Spanish renewable energy project developer and system
integrator focused on large scale, grid connected solar power plants.
First Solar recently signed contracts and contract extensions with
these customers expanding sales volumes by a total of 625MW, allowing
for additional sales of approximately $1.1 billion at an assumed
exchange rate of $1.30/EUR 1.00, over the period of 2007 to 2012.
These customers are primarily targeting development of solar projects
with First Solar modules in Germany, Spain, Italy, France, Greece and
"Our customers have demonstrated that they are among the best
positioned in the industry to develop meaningful project pipelines
for large ground and roof-mounted projects across the EU," stated
Mike Ahearn, chief executive officer of First Solar, Inc. "We are
pleased to build this additional production capacity to support their
continued expansion and to strengthen our business relationships with
these excellent companies, while further diversifying our European
customer base with the recent addition of ASSYCE in Spain."
About First Solar
First Solar, Inc. (Nasdaq:FSLR) manufactures solar modules with an
advanced thin film semiconductor process that significantly lowers
solar electricity costs. By enabling clean renewable electricity at
affordable prices, First Solar provides an economic alternative to
peak conventional electricity and the related fossil fuel dependence,
greenhouse gas emissions and peak time grid constraints. For more
information about First Solar, please visit www.firstsolar.com.
About ASSYCE Fotovoltaica
ASSYCE Fotovoltaica is a Spanish project developer and system
integrator focused on large scale, grid connected free-field PV
projects. The company was formed by specialists from different
engineering fields whose goal is to reduce fossil fuel emissions with
renewable energy. ASSYCE utilizes the latest innovations and
technology on the market to maximize yield. For more information
about ASSYCE, please visit www.assyce.com.
About Blitzstrom GmbH
Blitzstrom GmbH is a leading system integrator for thin-film module
technology and an international wholesaler for photovoltaic solar
systems. With a global network of subcontractors and a comprehensive
product portfolio, Blitzstrom offers flexible technological solutions
that are supported by efficient and reliable logistics, a wide range
of consulting services regarding system optimization and financing.
For more information about Blitzstrom, please visit
About Conergy AG
Conergy AG considers itself to be the highest volume solar company in
Europe, and also numbers among the leading international providers of
other rapidly growing fields of renewable energy. Conergy pursues a
customer-oriented global growth strategy which aims to offer each
energy consumer worldwide the most appropriate technology in
attractive markets for renewable energies. In foreign markets, the
energy requirement for electricity, heat or cooling varies greatly.
Conergy therefore offers a wide range of regenerative energy
products, and has an internationally oriented management team. The
Conergy Group is now represented with its own branch offices on five
continents. For more information about Conergy, please visit
About Gehrlicher Umweltschonende Energiesysteme GmbH
Gehrlicher Umweltschonende Energiesysteme GmbH develops concepts and
solutions for the innovative use of solar energy technology.
Appealing both to investors with economic expectations and to clients
with particular aesthetic requirements, Gehrlicher offers
economically efficient and attractive solutions. With many years of
experience and an unconditional focus on high-quality concepts,
Gehrlicher is a leader in the solar energy industry. Providing solar
modules, inverters and complete PV systems, Gehrlicher has been
installing First Solar thin film modules in large-scale solar
projects since 2002. For more information about The Gehrlicher Group,
please visit www.gehrlicher.com.
About Phoenix Solar AG
Phoenix Solar AG is a leading international photovoltaic systems
integrator. Until June 2007, the company operated under the name of
Phoenix SonnenStrom AG. Phoenix Solar AG plans, builds and operates
large photovoltaic plants and is a wholesaler of solar modules and
accessories. With a sales network in Germany, subsidiaries in Spain
and Singapore, and a substantial presence in Italy, Phoenix Solar AG
is a leader in photovoltaic systems technology. For more information
about Phoenix Solar AG, please visit www.phoenixsolar.com.
About Reinecke + Pohl Sun Energy AG
Reinecke + Pohl Sun Energy group is one of the leading
manufacturer-independent system integrators in the photovoltaic
sector. Under the brand COLEXON the operative subsidiaries design and
install turnkey photovoltaic plants for institutional and private
investors in Germany and abroad. Reinecke + Pohl Sun Energy AG is
listed in the Prime Standard at the German Stock Exchange in
Frankfurt. For more information about Reinecke + Pohl Sun Energy AG,
please visit www.rpse.de.
For First Solar Investors
This release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in
this release do not constitute guarantees of future performance.
Those statements involve a number of factors that could cause actual
results to differ materially, including risks associated with the
company's business involving the company's products, their
development and distribution, economic and competitive factors and
the company's key strategic relationships and other risks detailed in
the company's filings with the Securities and Exchange Commission.
First Solar assumes no obligation to update any forward-looking
information contained in this press release or with respect to the
announcements described herein.
CONTACT: First Solar, Inc.
+1 (602) 414-9322