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Leeward Renewable Energy and First Solar Announce 1GW Multi-Year Solar Module Procurement Agreement

April 25, 2022

Deal for Advanced First Solar Thin Film Modules Secures LRE’s Planned Build Portfolio Through 2024

TEMPE, Ariz. & DALLAS – (BUSINESS WIRE) – Leeward Renewable Energy (“LRE”) and First Solar, Inc. (NASDAQ: FSLR) today announced that they have entered into an additional multi-year framework supply agreement, through which First Solar will provide LRE with 1 gigawatt (GW)DC of advanced, ultra-low carbon thin-film photovoltaic (PV) solar modules. LRE will deploy these modules across its 20GW solar development and construction pipeline in the U.S. over 2023 and 2024.

This agreement builds on a long, productive relationship between LRE and First Solar that is advancing decarbonization through the use of clean solar energy. This latest agreement expands LRE’s order book with First Solar to over 3GW of modules that are estimated to enable the build of 18 new sites from 2022 – 2024. Designed and developed at its research and development (R&D) centers in California and Ohio, First Solar’s responsibly produced advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. The modules have a carbon footprint that is 2.5 times lower and a water footprint that is three times lower than the average crystalline silicon solar panel made with cells produced in China.

“We are pleased to build on our strong relationship with First Solar and support the expansion of domestic solar manufacturing,” said Eran Mahrer, Chief Strategy Officer at LRE. “This agreement creates significant growth opportunities bringing stability, predictability and diminished risk from geopolitical tensions to our solar module supply chain, and by extension to our finance, construction, and offtake partners. We look forward to working closely with First Solar and other U.S.-based component manufacturers as we aggressively expand our solar portfolio.”

“Sophisticated project developers such as LRE are looking to secure their development portfolios by partnering with a module supply partner that offers a reliable, clean energy solution with a long-term agreement structure,” said Georges Antoun, chief commercial officer at First Solar. “First Solar is able to meet this need by delivering a competitive, high-quality, responsibly produced solar module. We are delighted LRE recognizes the value in our eco-efficient solar modules that are advancing the fight against climate change, and we look forward to playing a role in growing their solar platform.”

First Solar is investing $680 million in expanding America’s domestic PV solar manufacturing capacity by 3.3 GW annually, by building its third US manufacturing facility, in Lake Township, Ohio. The new facility is expected to be commissioned in the first half of 2023 and when fully operational will scale the company’s Northwest Ohio footprint to a total annual capacity of 6 GW, which is believed to make it the largest fully vertically integrated solar manufacturing complex outside of China. First Solar has invested over $2 billion in its US manufacturing footprint and, when its third factory is fully operational, will directly employ over 2,500 people in Ohio, while supporting an estimated 7,000 indirect jobs through its American supply chain.

In addition to its Ohio manufacturing facilities, First Solar also operates factories in Vietnam and Malaysia, and is building a new 3.3 GW factory in India that is expected to be commissioned in the second half of 2023. With First Solar’s expansion in the United States and India and optimization of its existing fleet, the company anticipates that its nameplate manufacturing capacity will double to 16 GW in 2024. First Solar is the only U.S.-headquartered company among the world’s ten largest solar manufacturers.

About Leeward Renewable Energy, LLC

Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. LRE is actively developing and contracting new wind, solar, and energy storage projects in energy markets across the U.S., with 1.9 gigawatts contracted and 20 gigawatts under development and construction spanning over 100 projects. LRE is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$121 billion in net assets (as at December 31, 2021). For more information, visit www.leewardenergy.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 1 GWDC of solar modules for Leeward Renewable Energy; (2) First Solar’s plans to establish new factories in the United States and India and the expected capacities of those factories; and (3) when those factories are expected to be commissioned and First Solar’s resulting Northwest Ohio and global manufacturing capacity. 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 and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission. 

Media Contacts

For Leeward

Kelly Kimberly/Liz James

Sard Verbinnen & Co.

Leeward-SVC@SARDVERB.com

For First Solar

Reuven Proença

First Solar Media

reuven.proenca@firstsolar.com

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What Our People Say About LRE

I like being on a team that is developing ideas and technology to diversify the way we use our planet’s energy and resources.

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Involvement in new projects, new challenges, and team work.

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Opportunities to make an impact and see the results of your work.

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The focus on safety and making field work safer.

C.J. H

Coming from the military, camaraderie was important and there is plenty of that here.

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LRE strives to meet the goals of renewable needs throughout the US and is continuously seeking opportunities to expand its portfolio.

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LRE has a great group of people focused on getting the job done.

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I want to work for a company that will have a positive effect on the world.

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I choose to work in renewable energy because it is a growing industry and good for the environment.

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I am interested in making our planet a better and less polluted environment for ourselves and for future generations.

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I want my work to have a positive impact on the world.

Joseph B

I love working at LRE because everyday is a new opportunity to make a positive impact on the world.

Jason A

I enjoy working in Human Resources for a renewable energy company that is helping to sustain a better future for the next generation.

Chelsea L

To do my part in providing the next generation with environmentally friendly sustainable energy.

Sam M

I have the support from managers and leaders to develop and implement new ideas.

Brandi M

It is exciting to be a part of an emerging industry that we have already seen changing the world.

Kelly P

An environment that creates the perfect work/life balance while maintaining excellent business ethics and professional growth for employees.

Alexandria P

I joined LRE because it was committed to growing and the opportunity set for my career was large and well defined.

Massimo P

An opportunity to learn and grow professionally across legal, financial, engineering, construction, O&M, and other areas of expertise.

Paul P

LRE has a tight knit strong team culture, allowing for access to everything needed for personal and professional growth.

Kyle R

I wanted to be in a growing industry where the future holds a wide variety of opportunities and helps the environment.

Kazi R

I chose the renewable energy field because I’ve always wanted to be part of a shift from fossil fuels to clean energy.

Jonathan S

I decided the best way for me to make an impact on reducing the effects of climate change was for me to work in renewable energy.

Candace W

I chose the field of renewable energy 36 years ago due to my interest in cleaning up the environment, particularly the air quality.

Duane Y

I am passionate about the outdoors and the environment. And I love that I can tell my kids that LRE is part of the solution.

Tedd M

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I’ve always been passionate about protecting the planet and everyone in it which is what makes working for LRE so rewarding.

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Knowing that I am helping build projects that will contribute to the world’s need for renewable energy motivates me every day.

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What motivates me are the great people LRE has across all disciplines and aspects of projects leading growth in the renewable energy industry.

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Mark H

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