FIRST SOLAR, INC.

(FSLR)
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Vistra Corp. Buys American, Selects First Solar PV Modules for Texas Projects

10/21/2020 | 08:15am EDT

IRVING, Texas and TEMPE, Ariz., Oct. 21, 2020 (GLOBE NEWSWIRE) -- U.S.-headquartered First Solar, Inc. (Nasdaq: FSLR) today announced that Vistra Corp. (NYSE: VST) selected its high-performance photovoltaic (PV) solar modules to power its six recently announced solar energy projects across Texas. Under the agreement, First Solar will supply 869 megawatts (MW)DC of Series 6 modules to power five utility-scale solar projects, developed by Vistra, ranging from 50 to 200MWAC.

“First Solar and Vistra share a culture of doing business the right way and place a strong emphasis on integrity, trust, and compliance, making this a relationship of peers. We’re proud that Vistra has chosen to trust First Solar and our technology as it continues its mission to decarbonize the electricity that is the lifeblood of the communities and businesses it serves,” said Georges Antoun, chief commercial officer, First Solar. “And as America’s solar company, we’re pleased that the latest additions to Vistra’s generation portfolio will be powered by solar technology that was developed and innovated in America, and will include modules manufactured in Ohio.”

Based in Irving, Texas, Vistra is the largest competitive residential electricity provider and largest competitive power generator in the U.S. with a diverse generation portfolio of approximately 39,000 megawatts.

Jim Burke, chief operating officer at Vistra, added, “We’re committed to transforming our power generation portfolio, investing in renewables, and providing our customers with the power solutions they are seeking to meet their sustainability objectives. We’re proud to take that commitment a step further by investing in powering our newest renewable energy generation assets with the leading solar technology available today.  We’re confident that Series 6 is the right module and First Solar is the right partner to help us deliver our mission to net-zero.”

Designed and developed at First Solar’s research and development (R&D) centers in California and Ohio, Series 6 is a uniquely American solar PV module that has set industry benchmarks for quality, durability, reliability, design, and environmental performance. The result of over $1 billion in cumulative R&D investment, each module features a layer of First Solar’s proprietary CadTel semiconductor that is one-sixth the thickness of a human hair. With a carbon footprint that is up to six times lower than crystalline silicon PV panels, Series 6 delivers a superior environmental profile and lowest carbon solar available today.

First Solar is the only American company among the world’s largest solar manufacturers. It celebrated two decades since its founding in 1999 and has shipped over 25GWDC of PV modules to over 45 countries worldwide, making it the only U.S.-headquartered solar module manufacturing company to achieve this milestone. With 1.9GWDC of annualized manufacturing capacity in Ohio, First Solar is also the Western Hemisphere’s largest solar manufacturer. The Company also operates manufacturing facilities in Vietnam and Malaysia, with a global annualized Series 6 manufacturing capacity of 5.7GWDC.

First Solar’s product and manufacturing processes are one of the most reliable in the PV industry. From raw materials to finished products, each module is completed within the same factory, ensuring consistent quality across global manufacturing locations. This makes First Solar stand out in an industry where most PV module manufacturers have multiple products, processes, and bill-of-materials (BoMs) across sprawling supply chains, resulting in increased variability and quality and reliability risks.

About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar solutions, 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 solutions 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 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 of 869MWDC of Series 6 modules to Vistra Energy. 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 Condition 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.     

Media
Reuven Proença
First Solar Media
reuven.proenca@firstsolar.com
Investors
Mitchell Ennis
First Solar Investor Relations
mitchell.ennis@firstsolar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90df40fb-3c44-4f28-9dd6-bb5936807d2d

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Vistra Corp. Buys American, Selects First Solar PV Modules for Texas Projects

Vistra Corp. has selected First Solar's high-performance photovoltaic (PV) solar modules to power its six recently announced solar energy projects across Texas. The latest additions to Vistra’s generation portfolio will be powered by solar technology that was developed and innovated in America and will include modules manufactured in Ohio.

ę GlobeNewswire 2020
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Financials (USD)
Sales 2022 2 483 M - -
Net income 2022 32,9 M - -
Net cash 2022 969 M - -
P/E ratio 2022 195x
Yield 2022 -
Capitalization 6 690 M 6 690 M -
EV / Sales 2022 2,30x
EV / Sales 2023 1,74x
Nbr of Employees 4 800
Free-Float 88,0%
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Mark R. Widmar Chief Executive Officer & Director
Alexander R. Bradley Chief Financial Officer
Michael J. Ahearn Executive Chairman
Markus Gloeckler Chief Technology Officer
Raffi Garabedian Co-Chief Technology Officer
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