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23 October 2019

DESRI acquires Utah PV projects, doubling its First Solar-developed portfolio to over 360MW

Cadmium telluride (CdTe) thin-film photovoltaic module maker First Solar Inc of Tempe, AZ, USA says that D. E. Shaw Renewable Investments (DESRI) is the acquirer of the Cove Mountain and Cove Mountain 2 projects in Iron County, Utah. The acquisition of the two projects, the sales of which were previously disclosed by First Solar and which total 180MWAC in capacity, nearly doubles DESRI’s portfolio of First Solar-developed projects to over 360MWAC.

Both under construction with completion expected in the second and fourth quarters of 2020, Cove Mountain and Cove Mountain 2 have long-term power purchase agreements (PPAs) with PacifiCorp on behalf of Facebook, providing Facebook’s data-center operations with new solar resources. DESRI has previously acquired four First Solar-developed projects in California: the 100MWAC Willow Springs Solar Project in Kern County; the 40MWAC Cuyama Solar Project in Santa Barbara County; the 31MWAC Portal Ridge Solar Project in Los Angeles County; and the 11MWAC Rancho Seco Solar Project in Sacramento County.

“Cove Mountain 1 and 2 are powered by one of the most financeable and reliable photovoltaic technologies available today, and are underpinned by long-term PPAs to support the renewable energy and carbon reduction goals of one of the best-recognized names in technology,” comments DESRI’s CEO Bryan Martin. “While these projects further solidify the longstanding partnership between our companies, they also demonstrate the value that First Solar is able to deliver by developing and operating world-class solar assets.”

Once commissioned, both projects will be operated by First Solar Energy Services which, with over 10GW under management, is reckoned to be the solar industry’s most experienced operations & maintenance (O&M) service provider for large-scale solar power plants.

“DESRI’s decisions to invest in assets are always backed by rigorous research and analysis, and their acquisition of our projects validates the robustness of First Solar’s approach to project development,” says First Solar’s chief commercial officer Georges Antoun.

Both projects will be powered by First Solar’s Series 6 module technology. Produced in just 3.5 hours using fully integrated manufacturing processes, each large-format Series 6 module leverages First Solar’s proprietary thin-film technology, retaining the proven performance and reliability of earlier-generation modules. The carbon footprint that is reckoned to be up to six times lower than crystalline silicon PV panels that are manufactured using conventional, energy-intensive production methods.

First Solar is expanding its manufacturing capacity to meet the demand for Series 6 modules, with its second facility in the USA - representing nearly $1bn in cumulative investment - expected to start production in early 2020. Once operational, the new facility in Perrysburg, Ohio, will take the firm’s total Series 6 manufacturing capacity to 5.4GW per year, making First Solar the USA’s largest solar manufacturer.

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

See related items:

First Solar’s 58MW Cove Mountain Solar Project to support Facebook’s Prineville Data Center via PPA with PacifiCorp

First Solar sells 100MW Willow Springs project to DESRI

First Solar to supply 200MW of Series 6 CdTe PV modules to DESRI

First Solar sells 40MW Cuyama Solar Project to DESRI

First Solar's Rancho Seco Solar Project acquired by DESRI

First Solar and Southern California Edison sign power purchase agreements for 500MW

Tags: First Solar Thin-film photovoltaic CdTe

Visit: www.firstsolar.com

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