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Australia’s First Utility-Scale Solar PV Project Under Way in
Western Australia
Funded by Verve Energy, GE Energy Financial Services and WA
Government,
10-megawatt project will use First Solar PV modules
Geraldton, Western Australia,
Aug. 31, 2011 — First Solar, Inc.
(Nasdaq: FSLR), Verve Energy and GE (NYSE: GE) unit GE Energy Financial
Services announced today that Australia’s first utility-scale solar power project
is under way. Output from the 10-megawatt AC project on 80 hectares of cleared
land 50km southeast of Geraldton will contribute to offsetting the energy
requirements of the Southern Seawater Desalination Plant.
Western
Australian state-owned power utility Verve Energy and GE Energy Financial
Services will each own 50 percent of the Greenough River Solar Farm, with the WA
Government providing A$20 million, including A$10 million from the WA Royalties
for Regions program. No debt will be raised to fund the project.
The WA Water Corporation, which
is building the Southern Seawater Desalination Plant, has committed to purchase
100 percent of the solar farm’s output.
First Solar has agreed to supply
the project with over 150,000 of its advanced thin film photovoltaic (PV)
modules and provide engineering, procurement and construction services, in
addition to operations and maintenance support once the solar farm is
operational. The agreement is subject to the satisfaction
of certain statutory requirements.
Welcoming the go-ahead for
this green project, Verve Energy General Manager Strategy and Business
Development Tony Narvaez said: “The solar farm is important for Verve Energy,
for Western Australia and for the local renewable energy sector. It enhances Verve
Energy’s reputation as a renewable energy innovator.”
The
solar farm will be the first utility-scale PV project in Australia, 10 times
larger than any other operating solar project in the country.
Taking
advantage of the area’s vast dry, flat and sunny conditions, it is expected to
be fully operational mid next year.
“This
announcement demonstrates
the significant potential for renewable energy generation – especially
utility-scale solar in WA and throughout Australia,” said Jim Brown, who will
become President of Utility Systems Business Group for First Solar, effective Sept.
1. “We’re pleased to bring our expertise in advanced PV technology and
utility-scale solar deployment to Verve Energy and GE Energy Financial Services
to deliver this groundbreaking project.”
For
GE Energy Financial Services, the project represents its first renewable energy
investment in Australia, adding to its global portfolio of more than US$400
million of solar power equity and debt investments in 42 projects.
“This
transaction enables us to apply our renewable energy investment expertise to a
new market, add to our portfolio of projects with First Solar and to GE’s
broader work with Verve Energy,” said Jason Willoughby,
GE Energy Financial Services’ Australia business leader. “This project also will
support GE’s ecomagination program, in our aim to help customers meet their
environmental challenges.”
Providing
clean, affordable and sustainable energy to partially power the Southern
Seawater Desalination Plant,
near the town of Binningup, the solar project is expected to create more than
50 construction jobs. The project, which will produce energy when it is most
needed – during the day, will displace 25,000 tonnes per year of greenhouse gas
emissions, the equivalent of taking 5,000 cars off the road.
Western
Australia requires new desalination plants to use power generated from
renewable sources. The state’s primary supplier of water, wastewater and
drainage services, the Water Corporation, will purchase the power generated by
the solar farm for the Southern Seawater Desalination Plant.
The plant will produce about 50 gigalitres of potable water per year.
The
project will boost Western Australia’s share of the Federal Government’s renewable
energy target of 20 percent by 2020.
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About
First Solar
First Solar manufactures solar modules with an
advanced semiconductor technology and provides comprehensive photovoltaic (PV)
system solutions. The company is delivering an economically viable alternative
to fossil-fuel generation today. From raw material sourcing through end-of-life
collection and recycling, First Solar is focused on creating cost-effective,
renewable energy solutions that protect and enhance the environment. For more
information about First Solar, please visit http://www.firstsolar.com
For
First Solar Investors
This release contains forward-looking statements
which are made pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in this release
do not constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the company's
products, their development and distribution, economic and competitive factors
and the company's key strategic relationships and other risks detailed in the
company's filings with the Securities and Exchange Commission. First Solar
assumes no obligation to update any forward-looking information contained in
this press release or with respect to the announcements described herein.
About Verve Energy
Verve
Energy is the leading generator or electricity in Western Australia. Verve Energy owns and operates an extensive
and diverse portfolio of power stations and renewable energy systems with a
total capacity of 2967 MW. For more
information, please visit www.verveenergy.com.au
About GE Energy Financial Services
GE
Energy Financial Services’ experts invest globally across the capital spectrum
in essential, long-lived, and capital-intensive energy assets that meet the
world’s energy needs. In addition to capital, GE Energy Financial Services
offers the best of GE.’s technical know-how, technology innovation, financial
strength, and rigorous risk management. Based in Stamford, Connecticut, the GE
business unit helps its customers and GE grow through new investments, strong
partnerships, and optimization of its approximately US$20 billion in assets.
For more information, visit http://www.geenergyfinancialservices.com
About GE
GE
(NYSE: GE) is an advanced technology, services and finance company taking on
the world’s toughest challenges. Dedicated to innovation in energy, health,
transportation and infrastructure, GE operates in more than 100 countries and
employs about 300,000 people worldwide. For more information, visit the
company’s Web site at www.ge.com
Media Contacts
|
First Solar: Peri Muddle Burson-Marsteller Tel: +61 2 9928 1509 E-mail: peri.muddle@bm.com |
Verve: Peter Winner Manager, Corporate Relations Tel:+61 8 9424 1977 E-mail: peter.winner@verveenergy.com.au |
GE: Chandran Vigneswaran Communications Director Tel: +61 0 467 775 055 E-mail: Chandran.Vigneswaran@ge.com |
Media
Contacts – U.S. ONLY
|
First Solar: Laura Abram Director, Project
Communications & Community Affairs Tel: +1 602 414 9361 |
GE Energy Financial Services: Christa Bowers Senior Communications Manager Tel: +1 203 961 2934 E-mail: christa.bowers@ge.com |