Consortium led by ACWA Power establishes global cost benchmark with Middle East's largest PV plant

DUBAI, United Arab Emirates & TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced that it has signed an agreement to supply its high performance photovoltaic (PV) modules to power the 200 megawatt (MW)AC second phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, the United Arab Emirates.

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Earlier this year, a consortium led by ACWA Power, a leading water and power developer, owner and operator based in Saudi Arabia, and TSK, a Spanish engineering and construction company, was selected by the Dubai Electricity and Water Authority (DEWA) to develop, construct, own and operate the independent power project. According to the consortium, the project's tariff of 5.84 USD cents per kilowatt-hour establishes a new global benchmark, reducing the cost of solar electricity by over 20 percent.

Significantly, the utility scale solar plant will be the largest facility of its kind in the Middle East when completed in early 2017. The plant will produce enough energy to power 30,000 average homes in the UAE and will displace over 469,650 metric tons of carbon dioxide per year. The project will be powered by over 2.36 million First Solar modules, compared to the 152,880 that were installed in the 13MWAC first phase of the Mohammed bin Rashid Al Maktoum Solar Park. The plant will be built over an area of almost 4.5 million square meters, sufficient to cover as many as 100 soccer pitches.

Paddy Padmanathan, President and Chief Executive Officer, ACWA Power said, "ACWA Power's commitment to deliver reliable and sustainable electricity at the lowest KwH tariff is reflected clearly in the win it has secured in the second phase of the Mohammed bin Rashid Al Maktoum Solar Park. The technology we plan to implement has a proven advantage over conventional solar panels, delivering more annual energy for the same nameplate watts under the specific project conditions of the DEWA project. The organic performance growth program that First Solar is developing with their photovoltaic (PV) modules sets a benchmark in the PV industry, allowing us to benefit from a long-term reliable and durable power generation technology for projects of this scale."

First Solar's advanced PV modules have set the industry benchmark with over 10GW installed worldwide. Offering highly predictable energy in all climates and applications, the modules have been independently tested to pass accelerated life and stress tests beyond industry standards. With both a superior temperature coefficient and superior spectral response, they have been independently certified for reliable performance in high temperature, high humidity, extreme desert, and coastal environments.

"We are confident that this milestone project will establish a new benchmark for the reliable, affordable and sustainable generation of solar energy in the Middle East and around the world," said Alfonso Targhetta, Procurement Managing Director and Board member, TSK. "By combining our world-class engineering and construction capabilities with First Solar's high performance modules, this project will help define how utility scale PV plants are developed throughout the region and beyond."

"This project's impact on the global energy transition cannot be overstated. It has effectively driven down the cost of solar electricity, marking a new milestone in solar PV's evolution as a mainstream energy resource," said Ahmed S. Nada, Vice President and Region Executive for the Middle East at First Solar. "In this competitive environment, the decision to power the project with First Solar technology is testament to the ability of our high performance modules to reliably deliver energy, even in challenging operating conditions. In fact, with this win, First Solar will have earned the position of being the leading PV solutions provider in the Middle East, with a projected installed capacity of at least 270MW across the region by 2017."

First Solar modules already power the 13MWAC first phase of the Mohammed bin Rashid Al Maktoum Solar Park and will be installed at the 52.5MWAC Shams Ma'an solar PV plant, currently under construction in Jordan and scheduled for completion in the second half of 2016.

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 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

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Source: First Solar, Inc.

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