TEMPE, Ariz. & AMMAN, Jordan--(BUSINESS WIRE)--First Solar, Inc. (Nasdaq: FSLR) today announced that it has commissioned the 52.5 megawatt (MW)AC Shams Ma’an project in the Hashemite Kingdom of Jordan, on schedule.
The plant is owned by a consortium of investors consisting of Diamond Generating Europe Ltd., Nebras Power Q.S.C. and the Kawar Group. First Solar significantly contributed to the development of the project before divesting its stake and being appointed the Engineering, Procurement and Construction (EPC) contractor. Shams Ma’an has a 20-year Power Purchase Agreement (PPA) with the National Electric Power Company (NEPCO), the country’s power generation and distribution authority.
“First Solar has delivered a high-performance solar energy asset on schedule and with an excellent safety record. There is no doubt that this power plant will deliver on its promises, reliably generating energy over its lifetime and forming the cornerstone of Jordan’s energy security strategy,” said Karim Kawar, Chairman of Kawar Energy.
The plant, which accounts for approximately 1 percent of Jordan’s total energy generation capacity, produces clean electricity using over 600,000 high-performance First Solar Series 4 thin film modules, which deliver up to 5 percent more specific energy in Ma’an than conventional crystalline silicon panels. The modules are mounted on single-axis trackers that allow the facility to generate up to 20 percent more energy.
“Shams Ma’an has been engineered for performance and is further evidence of the fact that First Solar’s high-performance modules can deliver more energy than conventional photovoltaic technologies in Jordan and across the Middle East,” said Ahmed S. Nada, Vice President and Region Executive for First Solar in the Middle East.
Significantly, the facility was constructed by a workforce that was almost entirely Jordanian, with First Solar spending over 40,000 man hours on training alone, creating a new skills resource for the country.
“Shams Ma’an has facilitated the transfer of several gigawatts of First Solar’s knowledge and experience to Jordan. Our hope is that the skills acquired through this project will further enable Jordan’s solar energy ambitions,” said Dr. Raed Bkayrat, First Solar’s Vice President of Business Development for the Middle East.
The project takes First Solar’s installed capacity in the Middle East to over 70MWAC with a further 200MWAC to be added when the second phase of the Mohammed bin Rashid Al Maktoum Solar Park is completed in 2017.
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.
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: effects on our financial statements and guidance resulting from certain tax matters; 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 (including estimated future module collection and recycling costs), warranties, solar module efficiency and balance of systems cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates 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 PV solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; our ability to expand manufacturing capacity worldwide; 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," "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. 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 most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.
