TEMPE, Ariz., October 31, 2013 – First Solar, Inc. (Nasdaq: FSLR) announced today that it has agreed to sell the 250-megawatt (MW)AC Silver State South Solar Project to a subsidiary of NextEra Energy Resources.
The deal is expected to close early in 2014, subject to certain conditions precedent. Terms of the transaction were not disclosed.
Silver State South is located on approximately 3,000 acres of public land in Clark County, Nevada. The project is adjacent to the 50MWAC Silver State North project which was developed and built by First Solar and commissioned in 2012.
First Solar will continue to develop and permit Silver State South, and provide Engineering, Procurement and Construction (EPC) services for the project. Construction is expected to begin once final regulatory and permitting approvals have been received, and be completed in late 2016. At peak activity, the project will create up to 300 full-time construction jobs.
Silver State South will utilize First Solar’s photovoltaic thin film solar modules, installed on the company’s single- axis tracker mounting system. All the power from Silver State South will be sold to Southern California Edison under a long-term power purchase agreement.
“First Solar is committed to bringing Silver State South to life as part of our growing Nevada solar power portfolio,” said Tim Rebhorn, First Solar’s Senior Vice President of Business Development for the Americas. “Together, NextEra and First Solar are playing a key role in creating more jobs in Nevada and delivering clean, affordable solar energy.”
“The acquisition of Silver State South is another important milestone as we continue to build our solar business,” said NextEra Energy Resources Senior Vice President of Development Mike O’Sullivan. “We look forward to working with the First Solar team to make this project a reality.”
Earlier this month, NextEra Energy Resources named First Solar as the EPC contractor for its 250-MWAC McCoy Solar Energy Project in Riverside County, California.
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.
About NextEra Energy Resources
NextEra Energy Resources, LLC (together with its affiliated entities, "NextEra Energy Resources"), is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with over 18,100 megawatts of generating capacity in 24 states and Canada as of year-end 2012. NextEra Energy Resources, together with its affiliated entities, is the largest generator in North America of renewable energy from the wind and sun. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire, Iowa and Wisconsin as part of the NextEra Energy nuclear fleet, which is one of the largest in the United States. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.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.
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 “may,” “plan,” “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 Silver State South Solar Farm. 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 Silver State South Solar Farm, to differ materially from those discussed in the forward-looking statements include, among others:
- Inability to complete construction of, or capital improvements to, the Silver State South Solar Farm or other NextEra power generation facilities
- Inability to obtain the required regulatory approvals and permits for the construction and operation of the Silver State South Solar Farm
- Inability to obtain the supplies necessary for the construction, operation, and maintenance of the Silver State South Solar Farm or other NextEra power generation facilities
- Inability to hire and retain skilled labor for the construction, operation and maintenance of the Silver State South Solar Farm 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 or its affiliates to access capital markets or maintain their current credit ratings
- Failure of the Silver State South or other NextEra power generation facilities to generate the expected amount of electric generation
- 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 from NextEra’s power generation facilities
- 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 (SEC), which are available at the SEC’s website at www.sec.gov.
Any forward-looking statement speaks only as of the date on which such statement is made, and NextEra undertakes no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. 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 or implied in any forward-looking statement.