EDP Renewables, ConnectGen Complete Acquisition of Three First Solar Projects

TEMPE, Ariz. and HOUSTON, Dec. 17, 2019 (GLOBE NEWSWIRE) -- US-headquartered First Solar, Inc. (Nasdaq: FSLR) announced today that a partnership composed of EDP Renewables and ConnectGen has completed the acquisition of three projects with a total nameplate design of 278 megawatts (MW)_AC in the United States. First Solar previously disclosed that the sale of these projects were subject to certain conditions precedent for closing that have since been satisfied.

The projects include the 154MW_AC Sun Streams 1 project in Maricopa County, Arizona, the 20MW_AC Windhub A project in Kern County, California, and the 103MW_AC Sunshine Valley project in Nye County, Nevada. All three projects are scheduled to achieve substantial completion by the end of the fourth quarter of 2019. 

“These projects reflect EDP Renewables’ focus on value creation, innovation, and sustainability. Combining responsible development with attractive economics backed by long-term Power Purchase Agreements, they are powered by one of the most innovative and eco-efficient solar technologies available today,” said Miguel Prado, Chief Executive Officer, EDP Renewables North America. “We look forward to adding these projects to our growing portfolio in the United States.”

EDP Renewables is a leading global renewable energy company that operates in markets around the globe. The United States is the company’s biggest market in terms of installed capacity and production. EDP Renewables North America commissioned its first two solar parks in California in January 2015, subsequently adding three solar parks in South Carolina to its operational portfolio.

“ConnectGen and First Solar strive to enable a sustainable energy future, and this deal furthers our goal to provide long-term, cost-effective, renewable energy solutions in the United States,” said Caton Fenz, Chief Executive Officer, ConnectGen. “We look forward to working alongside EDP Renewables and with all project stakeholders to responsibly bring these important projects to fruition.” 

Headquartered in Houston, Texas, ConnectGen develops renewable energy and energy storage projects across North America. The company is backed by Quantum Energy Partners, a leading provider of private equity capital to the global energy industry.

“We’ve proven, once again, that investors are focused on the winning formula: responsible development, attractive project economics, and long-term Power Purchase Agreements, underpinned by high-performance PV modules and a partner that stands behind its commitments,” said Georges Antoun, Chief Commercial Officer, First Solar. “We thank EDP Renewables and ConnectGen for their trust and for recognizing the robustness of First Solar’s approach to project development in the United States.”

All three projects are powered by First Solar’s thin film module technology, developed and innovated in the United States. Once commissioned, the projects will be operated by First Solar Energy Services, which, with over 10 gigawatts (GW) under management, is the solar industry’s most experienced Operations and Maintenance (O&M) service provider for large-scale solar power plants.

First Solar is celebrating two decades since its founding in 1999 and 25GW_DC of photovoltaic (PV) modules shipped, making it the only American solar manufacturing company to achieve this milestone.

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 EDP Renewables
EDP Renewables (Euronext: EDPR) is a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer. With a sound development pipeline, first class assets and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 14 international markets (Belgium, Brazil, Canada, Colombia, France, Greece, Italy, Mexico, Poland, Portugal, Romania, Spain, the UK and the US). EDPR has signed a Memorandum of Understanding with Engie for the creation of a (50/50) joint venture in the offshore wind energy segment. The new company will become one of the five largest operators of offshore wind energy and will be operational by the end of 2019. Energias de Portugal, S.A. (“EDP”), the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation and sustainability. EDP has been included in the Dow Jones Sustainability Index for 12 consecutive years.  For further information, visit www.edpr.com

About ConnectGen
ConnectGen is a Quantum Energy Partners portfolio company. Founded in 2018, ConnectGen’s strategy is to apply its proven ability to develop, construct and operate clean energy assets to create a multi-technology portfolio of generation and storage projects across North America. The company is currently developing over 3,500 MW of wind, solar and energy storage projects across seven U.S. states. For more information, visit www.connectgenllc.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, but are not limited to, statements concerning First Solar’s sale, construction and operation of PV projects with a total nameplate design of 278MW_AC. 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 and therefore speak only as of the date of this release. 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, whether as a result of new information, future developments or otherwise. 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 under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

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