Intersect Procures 4.9 GW for 2025–2029 Delivery, Increasing its Total 2022 Orders for First Solar Module Technology to 7.3 GW

First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into agreements to supply an additional 4.9 gigawatts (GW)DC of its high performance, responsibly produced, thin film photovoltaic (PV) solar modules to Intersect Power, LLC. When combined with a previously announced agreement for 2.4 GWDC signed in July 2022, these transactions take Intersect Power’s total orders for First Solar modules this year to 7.3 GWDC. Of the 4.9 GWDC, the agreement to supply 1 GWDC was signed prior to First Solar’s Q3 2022 earnings call in October, while the agreement to supply the remaining 3.9 GWDC was signed subsequent to the October earnings call. The orders placed by Intersect Power this year will see a combination of First Solar’s Series 6 Plus and Series 7 modules deployed in its solar, storage, and green hydrogen projects coming online across the United States from 2025 to 2029.

​“We have an unprecedented opportunity to decarbonize our economy while simultaneously bolstering our manufacturing sector and providing clean energy security,” said Sheldon Kimber, chief executive officer, Intersect Power. ​“First Solar’s responsibly produced, high-performance modules are the cornerstone of our commitment to American technology and workers. Our country’s energy transition must be American made.” 

Prior to 2022, Intersect Power had placed orders for a total of 4.1 GWDC of modules in deals signed in 2019 and 2021. This latest transaction is expected to solidify its position as the world’s largest buyer and operator of First Solar’s US-developed, ultra-low carbon, PV module technology, with an estimated deployed capacity of 11.4 GWDC by 2029. 

​“Intersect Power was one of the early pioneers of long-term, multi-year procurement and has benefitted from the certainty of supply and stable pricing that this approach delivers,” said Georges Antoun, chief commercial officer, First Solar. ​“We’re proud of this enduring partnership and we’re thrilled that, as Intersect Power continues to scale, its growth will be underpinned by American solar technology produced by First Solar.”

 Designed and developed at its R&D centers in California and Ohio, First Solar’s advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. The modules have the lowest carbon and water footprint of any commercially available PV technology today. Additionally, 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. First Solar is the only company among the ten largest solar manufacturers globally 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. The company is also the first PV manufacturer to have its product included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics. 

First Solar, the only US-headquartered company among the world’s largest solar manufacturers, is expanding its manufacturing capacity at home and abroad. In addition to a third factory under construction in Ohio, the company recently announced that it is expanding its Ohio manufacturing footprint and a new manufacturing facility, its fourth American manufacturing facility, in the US Southeast. These latest investments are expected to bring First Solar’s total investment in American manufacturing to $4 billion, while its annual US manufacturing capacity is forecast to expand to over 10 GWDC by 2025. The company also announced that it plans to invest approximately $270 million in a dedicated research and development (R&D) innovation center in Perrysburg, Ohio, which is expected to be completed in 2024.