First Solar Inks 15-year PPA With Dow For Its Gulf Coast Operations - Quick Facts

(RTTNews) - First Solar Inc. (FSLR) said Thursday it has signed a 15-year power purchase agreement or PPA with Dow, Inc. (DOW) for its Gulf Coast operations. The company had earlier disclosed the execution of the PPA, but had not identified the offtaker.

First Solar noted that Dow's Texas Operations is the largest petrochemical site in the western hemisphere. Under the PPA, First Solar will supply Dow with renewable energy from 75 percent of its 200-megawatt AC Horizon Solar project in Frio County, Texas.

The project will utilize First Solar's Series 6 photovoltaic or PV modules, designed and developed at the company's research and development centers in California and Ohio.

The Series 6 modules that will power the project utilize a range of advanced technologies, including ENGAGE PV Polyolefin Elastomers by Dow, which are used as encapsulant films to enhance the module's performance and efficiency.

First Solar noted that with up to six times lower carbon footprint and 24 times lower water impact than conventional crystalline silicon PV panels on a life cycle basis, the Series 6 module delivers a superior environmental profile and the lowest carbon solar electricity available.

According to the company, the portion of the solar facility covered by the PPA will generate enough electricity to power up to 25,000 average Texas homes, while displacing 147,000 metric tons of CO2 annually, equivalent to planting 2.4 million trees per year.

The project will create about 350 jobs at the peak of construction and is also expected to bring benefits to local businesses.

First Solar recently expanded its manufacturing capacity to meet the increasing demand for Series 6 modules, starting production at its new module manufacturing facility in Lake Township, Ohio, in October 2019.

Recently, the company celebrated two decades since its founding in 1999, and 25GWDC of PV modules shipped.