First Solar Announces Expansion
Additional Four Production Lines to Support New Long Term Module
Supply Agreements Totalling 557MW
PHOENIX, Nov. 5, 2007 (PRIME NEWSWIRE) -- First Solar, Inc.
(Nasdaq:FSLR) announced today that it has entered into new long term
module supply agreements with a subsidiary of international
investment and funds and asset manager Babcock & Brown
(Australia:BNB), and Ecostream Switzerland GmbH, a subsidiary of
Econcern BV, which focuses on developing solutions for sustainable
energy supply. The new agreements expand contracted module volume by
a total of 557MW, allowing for additional sales of approximately $1
billion at an assumed exchange rate of $1.30/E1.00 over the period of
2008 to 2012. The agreements are structured on terms similar to First
Solar's existing long term supply agreements.
To meet the demand expected from the sales contracts, First Solar's
board of directors has approved the construction of a fourth
manufacturing plant in Malaysia with four production lines, bringing
the total number of production lines to 16 for the Malaysian
Manufacturing Center. The new plant is scheduled to start production
in the second half of 2009 and will be built adjacent to the three
previously announced plants currently under construction in Malaysia.
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.
The First Solar, Inc. logo is available at
About Babcock & Brown
Babcock & Brown is a global investment and funds and asset management
firm. Babcock & Brown was founded in 1977 and is listed on the
Australian Stock Exchange. Babcock & Brown operates from 29 offices
across Australia, North America, Europe, Asia, United Arab Emirates
and Africa and has in excess of 1,250 employees worldwide. Babcock &
Brown has four operating divisions including real estate,
infrastructure and project finance, operating leasing, corporate &
structured finance. The company has established a funds management
platform across the operating divisions that has resulted in the
creation of a number of focused investment vehicles in areas
including real estate, renewable energy and infrastructure. For more
information about Babcock & Brown, please visit www.babcockbrown.com.
Ecostream provides high quality solar systems at a competitive price.
With two decades of experience, Ecostream has installed 4,000
renewable energy systems across Europe providing investors, farmers,
small and medium enterprises and private home owners with long-term
financial benefits. In Europe, Ecostream is growing quickly in the
construction of ground based and roof top systems including projects
in Spain, Germany and Italy. Ecostream is part of the Econcern group,
whose mission is to ensure "a sustainable energy supply for
everyone". Econcern specializes in delivering expert services,
products and projects in all areas of sustainable energy and energy
efficiency. For more information about Ecostream, please visit
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.