First Solar Partners with Zhenfa on Thin-film PV Demonstration Project in China
First Solar, Inc. (Nasdaq: FSLR) has completed an agreement with Zhenfa New Energy Science & Technology Co., Ltd. to supply 2 megawatts (MW) of First Solar's advanced thin-film solar modules to one of Zhenfa's approved solar projects in Xinjiang province in the first quarter of 2013. The collaboration will create First Solar's first commercial demonstration project in China and provide a strong platform to showcase the company's state-of-the-art photovoltaic (PV) technology.
“This agreement marks an important step forward in First Solar's efforts to support China's renewable energy goals with its advanced solar technologies and global solar industry expertise,” said Bruce Yung, Managing Director and Vice President of Business Development for First Solar in China. “We are excited to work with a strong partner like Zhenfa to demonstrate our advanced thin-film technology. I expect this will be the first of many opportunities for collaboration between First Solar and leading Chinese companies, both within China and globally.”
“We are very happy about our partnership with First Solar, which is providing its world-class PV technology to one of our key projects. By sharing experience, expertise and technologies we are creating a very strong combination. We look forward to exploring additional opportunities to work together to generate clean, renewable energy for China and the world,” said Zha Zhengfa, Chairman of Zhenfa.
Yung added: “An important element of First Solar's business strategy is to work with Chinese partners to create shared value both in China and abroad. The agreement between First Solar and Zhenfa will serve as a positive example of win-win collaboration between leading renewable energy companies from China and the United States.”
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced thin-film modules. 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 collection and recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
About Zhenfa New Energy Science & Technology Co., Ltd.
Founded in 2004, Zhenfa New Energy Science & Technology Co., Ltd. (Zhenfa New Energy) is one of the largest providers of integrated PV power generation systems in China. The company had an installed capacity of 410 MW by the end of 2011, and plans to increase its installed capacity to 1100 MW by March 2013. Zhenfa brings new power to every PV power station in an innovative way – in eastern China, the company constructs fishing-solar complementing integrated power stations on coastal mud flats and fish ponds, and combines solar facilities with local agriculture; in western China, the company helps to resolve desertification and increase incomes of local residents by developing PV power stations to gain both economic and social benefits. The self-adaptive single-axis solar tracking system, which is independently developed by Zhenfa, can increase energy efficiency of the power generation system and help to achieve solar power grid parity.
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.