JUNO BEACH, Fla. and TEMPE, Ariz. – NextEra Energy Resources, LLC, the competitive energy subsidiary of NextEra Energy, Inc. (NYSE:NEE) and First Solar, Inc. (Nasdaq:FSLR) today announced they have entered into agreements for NextEra Energy Resources to purchase four solar photovoltaic (PV) projects totaling 40 megawatts (MW) in Ontario, Canada from First Solar, Inc.
Under the terms of the project agreements, First Solar will continue developing and will construct the Sombra and Moore Solar Energy Centers, using First Solar’s advanced thin film solar modules. Each Solar Energy Center will consist of two 10-MW solar PV projects. Once operational, NextEra Energy Resources’ Canadian subsidiary, NextEra Energy Canada, will own and operate all four projects. All of the power from the solar projects will be sold to the Ontario Power Authority under long-term contracts.
“We’re pleased to expand our position as North America’s leading generator of solar power through the addition of our first Canadian solar projects,” said NextEra Energy Resources’ President and CEO Mitch Davidson. “Solar power will help promote a clean-energy economy in Ontario, reduce its dependence on fossil fuels, and address global climate change through the production of emission-free energy.”
“We’re pleased to forge this new customer relationship with NextEra Energy Resources, a company that shares our strong commitment to developing renewable energy in North America,” said Frank DeRosa, First Solar senior vice president of North American project development. “Together we look forward to bringing these projects online in 2011 and contributing to Canada’s clean energy needs.”
The Sombra and Moore Solar Energy Centers, located in Sombra and Moore Townships, Ontario, will each utilize thin film technology on a fixed tilt system. Each 10-MW project will consist of more than 172,000 panels. The Sombra and Moore Solar Energy Centers will provide enough power to serve about 6,440 homes. Each year the solar projects are expected to help avoid nearly 45,000 tons of carbon dioxide, which is the equivalent of removing nearly 8,600 cars from the road every year for the life of the project.
Pending the necessary government approvals, construction on all four projects is expected to begin in the first quarter 2011 with commercial operation expected by the end of 2011.
About NextEra Energy Resources
NextEra Energy Resources, LLC is a clean energy leader and one of the largest competitive energy suppliers in North America. A subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE), NextEra Energy Resources is the largest generator in North America of renewable energy from the wind and sun. It operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is the third largest in the United States. NextEra Energy had 2009 revenues of more than $15 billion, nearly 43,000 megawatts of generating capacity, and more than 15,000 employees in 28 states and Canada. For more information, visit www.NextEraEnergyResources.com.
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating cost-effective, renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit http://www.firstsolar.com.
NextEra Energy Resources Cautionary Statements And Risk Factors That May Affect Future Results
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically express or involve discussion as to expectations, beliefs, plans, objectives, assumptions or future events or performance and often can be identified by the use of words such as “will,” “expect,” “believe,” “anticipate,” “estimate,” and similar terms.
Although NextEra Energy, Inc. (NextEra) believes that its expectations are reasonable, because forward-looking statements are subject to certain risks and uncertainties, it can give no assurance that the forward-looking statements contained in this press release will prove to be correct, including NextEra’s expectations with respect to the Moore and Sombra Solar Energy Centers. Important factors could cause NextEra’s actual results to differ materially from those projected in the forward-looking statements in this press release. Factors that could have a significant impact on NextEra’s operations and financial results, and could cause NextEra’s actual results or outcomes, both generally and specifically with respect to the Moore and Sombra Energy Centers, to differ materially from those discussed in the forward-looking statements include, among others:
- Inability to complete construction of, or capital improvements to, the Moore Solar Energy Center or the Sombra Solar Energy Center or other FPL Group power generation facilities
- Inability to obtain the required regulatory approvals and permits for the construction and operation of the Moore Solar Energy Center or the Sombra Solar Energy Center
- Inability to obtain the supplies necessary for the construction, operation, and maintenance of the Moore Solar Energy Center or the Sombra Solar Energy Center or other NextEra power generation facilities
- Changes in laws, regulations, governmental policies and regulatory actions regarding the energy industry and environmental matters
- Inability of NextEra to access capital markets or maintain its credit rating
- Inability to hire and retain skilled labor for the construction and operation of the Moore Solar Energy Center or the Sombra Solar Energy Center, or other changes or disruptions related to NextEra’s workforce
- General economic conditions
- Hazards customary to the operation and maintenance of power generation facilities, including unanticipated outages
- Unusual or adverse weather conditions, including natural disasters
- Transmissions constraints or other factors limiting NextEra’s ability to deliver energy
- Volatility in the price of energy
- Failure of NextEra customers to perform under contracts
- Increased competition in the power industry
- Changes in the wholesale power markets
- Costs and other effects of legal and administrative proceedings
- Terrorism or other catastrophic events
These foregoing factors should be considered in connection with information regarding risks and uncertainties that may affect NextEra’s future results included in NextEra’s filings with the Securities and Exchange Commission at www.sec.gov.
NextEra undertakes no obligation to update or review any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of facts, may cause actual results to differ materially from those contained in any forward-looking statement.
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.