TEMPE, Ariz., March 29, 2023 (GLOBE NEWSWIRE) — First Solar, Inc. (NASDAQ: FSLR) at present introduced that its manufacturing facility in India has been awarded monetary incentives underneath the Indian authorities’s Production Linked Incentive (PLI) program. First Solar was certainly one of solely three producers chosen to obtain the total vary of incentives, that are reserved for totally vertically built-in manufacturing. The incentives are topic to the power assembly product effectivity and home worth creation thresholds, which will probably be evaluated on a quarterly foundation starting within the second quarter of 2026 via 2031.

The PLI program is meant to advertise the manufacturing of excessive effectivity photo voltaic modules in India and to cut back India’s dependency on international imports of photo voltaic modules. Under the scheme, producers are chosen via a aggressive bid course of and obtain sure money incentives over a five-year interval following the commissioning of their manufacturing amenities. Among different issues, such incentives are based mostly on the effectivity and temperature coefficient of the modules produced, the proportion of uncooked supplies sourced from the home market, the extent to which the producer’s operations are totally built-in inside India, and the amount of modules offered from such manufacturing operations.

First Solar’s new facility, anticipated to be commissioned within the second half of this 12 months, is positioned within the state of Tamil Nadu and may have an annual nameplate capability of three.4 gigawatts (GW)DC. Designed utilizing the superior manufacturing template established by First Solar’s latest manufacturing unit in Ohio, the power will produce the corporate’s Series 7 modules.

Unique among the many world’s ten largest photo voltaic producers for being the one US-headquartered firm, for not utilizing a crystalline silicon (c-Si) semiconductor, and for not manufacturing in China, First Solar produces its skinny movie PV modules utilizing a completely built-in, steady course of underneath one roof and doesn’t depend on Chinese c-Si provide chains. The firm’s eco-efficient module expertise, which makes use of its proprietary Cadmium Telluride (CdTe) semiconductor, has the bottom carbon and water footprints of any PV module accessible at present.

First Solar’s responsibly produced superior skinny movie PV modules set trade benchmarks for high quality, sturdiness, reliability, design, and environmental efficiency. It is the one one of many world’s ten largest photo voltaic producers to be a member of the Responsible Business Alliance (RBA), the world’s largest trade coalition devoted to supporting the rights and well-being of employees and communities within the world provide chain, and the corporate has zero tolerance for pressured labor in its manufacturing or its provide chains. First Solar’s modules have the bottom carbon and water footprint of any commercially accessible PV module at present and the corporate is the primary PV producer to have its product included within the Electronic Product Environmental Assessment Tool (EPEAT) world registry for sustainable electronics.

First Solar can also be increasing its US manufacturing footprint, which at present stands at over 5 GW of annual nameplate capability with three working factories in Ohio, to over 10 GW by 2025 when it completes its new $1.1 billion manufacturing unit in Alabama and a $185 million growth of its present capability in Ohio. The firm is anticipated to have over 20 GW of annual world nameplate manufacturing capability by 2025.

About First Solar, Inc.

First Solar is a number one American photo voltaic expertise firm and world supplier of responsibly produced eco-efficient photo voltaic modules advancing the combat in opposition to local weather change. Developed at R&D labs in California and Ohio, the corporate’s superior skinny movie photovoltaic (PV) modules signify the subsequent technology of photo voltaic applied sciences, offering a aggressive, high-performance, lower-carbon different to traditional crystalline silicon PV panels. From uncooked materials sourcing and manufacturing via end-of-life module recycling, First Solar’s strategy to expertise embodies sustainability and a duty in the direction of folks and the planet. For extra info, please go to www.firstsolar.com.

For First Solar Investors
This launch accommodates forward-looking statements, that are made pursuant to protected harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements embrace, however aren’t restricted to statements regarding 1) First Solar’s plan to fee a brand new manufacturing unit with 3.4 GW of annual nameplate capability in India within the second half of 2023; 2) First Solar’s plan to speculate roughly $1.1 billion in constructing a fourth manufacturing unit in Alabama, and $185 million on increasing the capability of its present manufacturing footprint in Ohio; and three) First Solar’s expectation that its annual US nameplate manufacturing capability will increase to 10.6 GW by 2025, whereas its world nameplate manufacturing capability will exceed 20 GW by 2025. These forward-looking statements are sometimes characterised by means of phrases akin to “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the destructive or plural of those phrases and different comparable terminology. Forward-looking statements are solely predictions based mostly on our present expectations and our projections about future occasions and due to this fact converse solely as of the date of this launch. You shouldn’t place undue reliance on these forward-looking statements. We undertake no obligation to replace any of those forward-looking statements for any purpose, whether or not because of new info, future developments or in any other case. These forward-looking statements contain identified and unknown dangers, uncertainties, and different components which will trigger our precise outcomes, ranges of exercise, efficiency, or achievements to vary materially from these expressed or implied by these statements. These components embrace, however aren’t restricted to, the issues mentioned underneath the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most up-to-date Annual Report on Form 10-Ok, as supplemented by our different filings with the Securities and Exchange Commission.  

Source: First Solar, Inc.

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