American Solar: Birch Creek Energy Orders 547 MW of First Solar Modules

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First Solar, Inc. (NASDAQ: FSLR) has entered an agreement to provide Birch Creek Energy with 547 MW of advanced Series 6 Plus Bifacial thin film photovoltaics modules. Birch Creek plans to deploy these modules in projects across its development pipeline in the United States. The collaboration aims to strengthen domestic content strategy and ensure supply certainty for Birch Creek. First Solar, the largest solar manufacturer in the Western Hemisphere, is expected to create significant job opportunities and invest in new manufacturing facilities in the US.

Positive

• First Solar's agreement with Birch Creek Energy to supply advanced PV modules demonstrates the company's strong positioning in the renewable energy market.

• The investment in new manufacturing facilities in Alabama and Louisiana, along with expanding the Ohio footprint, highlights First Solar's commitment to growth and job creation in the US.

Negative

• There might be potential risks associated with the significant investments in new manufacturing facilities and R&D infrastructure, including operational challenges and financial strain.

• Dependence on partnerships like the one with Birch Creek Energy for revenue generation could expose First Solar to fluctuations in demand and market conditions.

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (NASDAQ: FSLR) announced an agreement to supply Birch Creek Energy (“Birch Creek”) with 547 MW of advanced Series 6 Plus Bifacial thin film photovoltaics (PV) modules. The St. Louis-based renewable energy company plans to deploy the modules in projects across its development pipeline in the United States.

First Solar announced an agreement to supply Birch Creek Energy with 547 MW of advanced Series 6 Plus Bifacial thin film photovoltaics modules. The St. Louis-based renewable energy company plans to deploy the modules in projects across its development pipeline in the United States. (Photo: Business Wire)

“We are pleased to establish this relationship with First Solar, which we expect will enable certainty of module supply for a critical part of our development pipeline,” said Dan Siegel, CEO of Birch Creek. “By choosing to buy our modules from First Solar, we are strengthening our domestic content strategy with a trusted partner that delivers a competitive product.”

“Birch Creek’s decision to partner with us is a validation of our technology and competitiveness, and the value of pricing and supply certainty,” said Georges Antoun, chief commercial officer, First Solar. “We thank the team at Birch Creek for their trust and look forward to building on 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 US 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, current operations 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, the company is forecast to support an estimated 30,060 direct, indirect, and induced jobs across the country. 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.

First Solar’s responsibly produced, advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance.

About Birch Creek Energy

Birch Creek Energy, a utility scale solar development platform, develops, finances and owns utility scale solar and storage projects in the United States. Since 2019, Birch Creek Energy has developed 1.7 gigawatts (GW) of solar projects and has a portfolio of over 14.2 gigawatts (GW) of utility scale solar and storage projects in various stages of development across MISO, PJM, ERCOT and the Southeast. Birch Creek Energy has 52 employees and is based in St. Louis, Missouri. For more information, visit www.birchcreekenergy.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.

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, but are not limited to statements concerning 1) an order for 547 MW of solar modules by Birch Creek; 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 and which are expected to come online in 2024 and 2025, respectively; 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 center in Ohio will be completed in 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 our current expectations and our 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. We 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 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 under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K, as supplemented by our 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240430300025/en/

Media

Reuven Proença

First Solar Media

media@firstsolar.com

Mike Schaffer

Echo Factory for Birch Creek Energy

michael@echo-factory.com

Investors

Richard Romero

First Solar Investor Relations

investor@firstsolar.com

Source: First Solar, Inc.

FAQ

What is the agreement between First Solar and Birch Creek Energy about?

First Solar has agreed to supply Birch Creek Energy with 547 MW of advanced Series 6 Plus Bifacial thin film photovoltaics modules.

Where does Birch Creek Energy plan to deploy the modules provided by First Solar?

Birch Creek Energy plans to deploy the modules across its development pipeline in the United States.

How many jobs are expected to be created by First Solar as it grows to 14 GW in annual US nameplate capacity?

Around 30,060 direct, indirect, and induced jobs are estimated to be created across the country by First Solar.

What does the recent study commissioned by First Solar reveal about job creation and economic impact?

The study projects that every direct job First Solar supports in 2026 will support 7.3 jobs nationwide, contributing to significant economic growth.

What are some key features of First Solar's thin film PV modules?

First Solar's thin film PV modules are known for setting industry benchmarks in quality, durability, reliability, design, and environmental performance.