Responsibly produced ultra-low carbon solar modules to power projects in US and Spain

First Solar, Inc. (NASDAQ: FSLR) and Matrix Renewables (“Matrix”) today announced that Matrix, the TPG Rise-backed global renewable energy platform, has entered into a framework agreement to procure approximately 2.1 gigawatts (GW_DC) of advanced thin film modules. The modules, which will be delivered between 2024 and 2027, will power Matrix projects in the United States and Spain. This marks Matrix’s first order for First Solar’s responsibly produced ultra-low carbon photovoltaic (PV) technology.

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First Solar and Matrix Renewables today announced a framework agreement to procure approximately 2.1 gigawatts of advanced thin film modules. The modules, which will be delivered between 2024 and 2027, will power Matrix projects in the United States and Spain. This marks Matrix’s first order for First Solar’s responsibly produced ultra-low carbon photovoltaic technology. (Photo: Business Wire)

Across the US, Matrix owns more than 6 GW of projects in various stages of development across four different regions (CAISO, MISO, ERCOT and WECC) and continues to expand its pipeline and team to capitalize on the large demand for renewable energy in the US. Globally, including Matrix’s presence in Spain, Italy, and Chile, Matrix’s footprint already surpasses 13 GW of solar power, battery storage and green hydrogen projects.

“As a purpose-driven company, and as part of our supply chain strategy of partnering with technology market leaders, we are thrilled to be working with First Solar to supply our projects in the US market, and a number of our Spanish projects, with responsibly produced ultra-low carbon PV modules and setting the bar for environmental, social, and governance standards in solar manufacturing and sourcing,” said Luis Sabate, President at Matrix. “With this deal, we’re getting access to solar technology without compromising on competitiveness or performance. We are proud of the role that our procurement standards play in driving change in the industry value chain, and the size of this deal demonstrates the strength of our commitment.”

First Solar’s responsibly produced, advanced thin film photovoltaic (PV) modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. First Solar’s solar modules have the lowest carbon and water footprint of any commercially available PV module today, and it’s the first PV manufacturer to have its product included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics.

First Solar’s differentiated thin film semiconductor, integrated manufacturing process and tightly controlled supply chain helps eliminate the risk of exposure to solar supply chains identified by the US Department of Labor’s 2022 List of Goods Produced by Child Labor or Forced Labor as being tainted by forced labor. The company is the only one of the world’s ten largest solar manufacturers to be a member of the Responsible Business Alliance (RBA), the world’s largest industry coalition dedicated to supporting the rights and well-being of workers and communities in the global supply chain, and the company has zero tolerance for forced labor in its manufacturing or its supply chains.

“Matrix is the latest in a number of large IPPs, in the US and internationally, that are choosing to partner with First Solar not just on the strength of our technology and competitiveness, but also because we share the same values,” said Georges Antoun, chief commercial officer, First Solar. “This latest order underscores our belief that a growing number of developers are recognizing the value of Responsible Solar and of working with a partner that delivers on its commitments. We thank Matrix for its trust and look forward to growing this relationship.”

First Solar is investing approximately $1.3 billion in expanding its US manufacturing footprint from over 6.5 gigawatts (GWDC) of annual nameplate capacity currently, to approximately 10.9 GWDC by 2026. In addition to the $1.1 billion expected investment in a new 3.5 GWDC facility in Alabama, the company has also embarked on a $185 million expansion of its existing manufacturing footprint in Ohio. First Solar, the largest solar manufacturer in the Western Hemisphere, also announced an investment of up to $370 million for a dedicated research and development (R&D) innovation center in Perrysburg, Ohio, which is expected to be completed in 2024.

About Matrix Renewables

Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $17 billion impact-investing platform TPG Rise. Matrix Renewables’ current portfolio is comprised of 13 GW in renewable energy and storage projects in Europe, the United States, and Latin America. For more information, visit www.matrixrenewables.com or send an email to info@matrixrenewables.com

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, 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 1) an order for approximately 2.1 GWDC of solar modules by Matrix Renewables; 2) the expectation that the modules will be delivered between 2024 and 2027; 3) First Solar’s plan to invest approximately $1.1 billion in building a fourth factory in Alabama, $185 million on expanding the capacity of its existing manufacturing footprint in Ohio, and $370 million in a new R&D innovation center in Ohio; and 4) First Solar’s expectation that its annual US nameplate manufacturing capacity will expand to 10.6 GW by 2026. 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, as supplemented by our other filings with the Securities and Exchange Commission.

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