PHOENIX, Feb. 14, 2007 (PRIME NEWSWIRE) -- First Solar, Inc. (Nasdaq:FSLR) announced today that it will supply solar modules for a 40-megawatt solar power plant that will be constructed in the Saxon region of Germany in the municipality of Brandis by juwi solar GmbH. Upon completion, the project will be one of the largest photovoltaic projects ever constructed. Project construction is scheduled to begin in the second quarter of 2007 and is expected to be completed within 30 months.
The project represents an investment of 130 million EURO and will be financed by Saxon LB. Upon completion, the project will utilize approximately 550,000 solar modules and produce around 40 million kilowatt hours of clean power annually, preventing an estimated 25,000 metric tons of greenhouse gas emissions from being released into the environment.
"We are very pleased to participate with juwi solar in the development of one of the largest solar power plants in the world," said Michael Ahearn, president and chief executive officer of First Solar. "Our collaboration with leading project developers on large scale solar power plants is enabling us to reduce solar module and system costs, and thereby expand the market for solar electricity."
"Our positive experience with the energy generation performance and reliability of First Solar modules and their ability to supply modules for the project under a long term supply agreement enabled us to realize this important project," said Matthias Willenbacher, head of the international juwi group.
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.
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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.