First Solar Powers Swift Current Energy: In a game-changing move for the clean energy sector, First Solar, Inc. (NASDAQ: FSLR) has inked a deal to provide Swift Current Energy with 500 megawatts (MW) of state-of-the-art thin-film Series 7 modules. Swift Current Energy, a prominent Boston-based developer, owner, and operator of utility-scale clean energy assets, has been leading the charge in renewable energy projects. With a history of substantial orders, including 3.3 gigawatts in 2022, this latest agreement was secured just before First Solar’s Q3 2023 results announcement on October 31. The delivery of these modules is scheduled between 2027 and 2028.
Swift Current Energy has shown its dedication to advancing renewable energy, commercializing over 2.5 GW of renewable energy projects and boasting a project pipeline exceeding 10 GW of solar, wind, and energy storage. Additionally, the company currently owns 1.4 GW of renewable energy projects in operation or advanced construction.
Eric Lammers, co-founder and CEO of Swift Current Energy, stressed the significance of stable pricing and supply. He stated, “As we progress our US development pipeline, the certainty of pricing and supply is essential to ensure we deliver capacity as planned. This latest agreement with First Solar supports our effort to build a resilient, competitive value chain while investing in domestic manufacturing, along with the jobs and economic benefits that come with it.”
First Solar, known for its responsibly produced advanced thin-film photovoltaic (PV) modules, is an industry leader in quality, durability, reliability, design, and environmental performance. Their Series 7 modules stand out with the lowest carbon and water footprint among commercially available PV modules. They are the first PV manufacturer included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics.
Georges Antoun, Chief Commercial Officer of First Solar, expressed excitement, saying, “We are thrilled that Swift Current Energy has chosen to extend its partnership with First Solar to 2028, entrusting a significant portion of its development pipeline to our technology. Their decision speaks volumes to the competitive value that we deliver in terms of energy, pricing and supply certainty, and an advanced PV module that is responsibly produced in America, for America.”
First Solar holds the distinction of being the largest solar manufacturer in the Western Hemisphere, boasting approximately 6 GW of operational, fully vertically integrated nameplate capacity in the US. The company is on an ambitious expansion journey, aiming to grow its footprint to 14 GW of nameplate capacity in the US and 25 GW globally by 2026. To achieve this, First Solar commissioned its third Ohio factory earlier this year and plans to expand in the state by 0.9 GW. New manufacturing facilities in Alabama and Louisiana are also in the works, each with an expected annual nameplate capacity of 3.5 GW.
The Alabama and Louisiana facilities represent substantial investments, totaling over $2 billion, and are expected to start commercial shipments in 2024 and 2026, respectively. These facilities are designed to produce the Series 7 modules ordered by Swift Current and are expected to use 100% US-made components, complying with current domestic content guidelines from the US Department of the Treasury. Once the Louisiana factory is operational, Series 7 modules are expected to make up over two-thirds of First Solar’s annual domestic nameplate capacity. Notably, Series 7 modules produced at the Ohio facility already use US-made glass and steel.
Our Reader’s Queries
What is the current capacity of First Solar?
In 2023, the company announced that its current operating capacity for US cell production is 6.5 GW. It is projected that the global capacity for its cell production will reach about 26 GW by 2026.
Is First Solar a Chinese company?
Established in 1999, First Solar stands as a premier American solar technology firm, dedicated to producing eco-friendly solar modules that contribute to the battle against climate change on a global scale.
Is First Solar owned by Tesla?
Contrary to popular belief, First Solar is not under the ownership of Tesla. Instead, First Solar stands as an autonomous entity, focusing on the production of solar panels and the advancement of solar energy initiatives.
Is First Solar a publicly traded company?
First Solar’s ordinary shares are listed on the Nasdaq stock market.