27 October 2022
Arevon secures 2GW supply of First Solar’s Series 7 PV modules
Arevon Energy Inc of Scottsdale, AZ and New York City (which supplies renewable energy to utilities and corporations across North America) has secured a more than 2GWDC supply of Series 7 cadmium telluride (CdTe) thin-film photovoltaic (PV) solar modules from First Solar Inc of Tempe, AZ, USA to support its growing renewable energy portfolio. About 700MWDC of the total volume secured includes purchase orders issued prior to the release of First Solar’s second-quarter 2022 earnings in July. These orders will add to Arevon’s existing 2GW portfolio of operating assets with First Solar modules and will support projects under development in the Midwest and Southwest regions of the USA.
Nationally, the demand for solar has increased substantially. A September forecast from Wood Mackenzie estimates that, due to recent legislation, the USA recorded its largest quarter-over-quarter growth, with 10GW of new utility-scale solar capacity contracts. These orders for modules will ensure that Arevon can execute projects planned to deploy in the next five years.
“We are pleased to further expand our relationship with First Solar and contribute to the expansion of the US solar value chain,” says Arevon’s CEO John Breckenridge. “Sourcing American solar technology from First Solar allows us certainty of supply and helps mitigate the risk of supply shortages and project delays. More broadly, it also allows us to support US innovation in photovoltaics, and the expansion of domestic solar manufacturing capacity through our procurement strategy.”
Designed and developed at its R&D centers in California and Ohio, First Solar’s thin-film PV modules are claimed to set industry benchmarks for quality, durability, reliability, design and environmental performance. The modules, which are also claimed to have the lowest carbon and water footprint of any commercially available PV technology currently, will support Arevon's project pipeline through 2027.
“These multi-year orders reflects a broader trend in the industry where developers are de-risking their project portfolios with strategic, long-term procurement frameworks and sourcing American solar,” says First Solar’s chief commercial officer Georges Antoun. “We are proud to be in a position to enable the growth of leading American developers like Arevon, by providing them with the certainty and long-term visibility they need.”
Developed in close collaboration with engineering, procurement & construction (EPC) companies, and structure and component providers, First Solar’s Series 7 modules combine the company’s thin-film cadmium telluride (CadTel) technology with a larger form factor and a new back rail mounting system to deliver improved efficiency, enhanced installation velocity, and superior lifetime energy performance for US utility-scale PV projects.