First Solar, Inc. (Nasdaq: FSLR) and Fundación Chile today announced
that First Solar has acquired Solar Chile, a Santiago-based solar
development company in which Fundación Chile was an early investor. This
culminates a strategic working alliance the two companies formed in Oct.
2011. Solar Chile has a portfolio of early- to mid-stage utility-scale
photovoltaic (PV) power projects totaling about 1.5 gigawatts (GW) in
Regions I, II, III, and XV in northern Chile, including the Atacama
Desert region, which offers the highest solar irradiance in the world.
"We have been very impressed by the quality of the Solar Chile team and
the projects they are developing, and we believe that together we will
bring even more value to the Chilean market," said Jim Hughes, First
Solar CEO. "Combining Solar Chile's market knowledge and promising
project portfolio with First Solar's resources, technology and strong
execution track record offers Chile a rapid and proven path to add
significant solar generation capacity, helping to meet high energy
demand and support economic growth."
"First Solar's acquisition of Solar Chile is a milestone of enormous
significance to our country," said Alvaro Fischer, President of
Fundación Chile. "It highlights the tremendous potential that solar PV
energy has to change the demography and the economy of northern Chile,
opening it up to new opportunities beyond mining and fishing, into water
desalinization, hydrogen production or large green data centers."
"Chile faces a growing energy demand from its sustained economic
growth," said Hernán Cheyre, Executive Vice-President of CORFO, the
Chilean government's economic development agency. "Solar energy provides
a sustainable and clean energy source that takes advantage of our
outstanding clear skies and irradiance. The growth of the solar industry
and the arrival of First Solar validates Chile´s position as a regional
hub for entrepreneurship and innovation."
First Solar has a global development pipeline of projects under contract
to utilities totaling 3 GW, with 2 GW under construction. It has
constructed more than 600 megawatts of PV power projects worldwide.
Under the terms of the agreement, the five-person Solar Chile team is
joining First Solar, and Fundación Chile will provide ongoing
consultation services. Terms of the transaction were not disclosed.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced thin-film modules. 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 collection and
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 the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors and the company's key strategic relationships and
other risks detailed in the company's filings with the Securities and
Exchange Commission. First Solar assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
About Fundación Chile
Fundación Chile (FCh) is a unique public-private partnership fostering
innovations that "move the boundary of possibility." Its partners are
the Chilean government and BHP Billiton - Escondida Mine. We partner
globally to provide a high impact response to address our country's
challenges--ultimately, today's global challenges: sustainability, human
capital development, healthier food, and digitalization. Since our
creation in 1976 by the Chilean government and ITT Corporation, this
non-profit has generated over two billion dollars in social value in
industries and enterprises initiated by FCh.
FCh is a "do-tank," pioneering new sectors through a portfolio of
capacity building initiatives, demonstrative companies, and enabling
technology services. We are best known for jumpstarting the farmed
salmon industry in the 1980s, launching Chile's first venture capital
funds in the 1990s, moving into renewable energy in the 2000s and
launching Latin America's first Climate Exchange. The organization's
dynamic response to the country's ever changing needs speaks of
challenges faced to remain competitive in a global context.
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