WA Minister for Energy helps mark the commencement of panel
installation
Geraldton, Western Australia, April 12, 2012 - Australia's
largest solar photovoltaic (PV) power project reached a
major construction milestone today as contractor and
technology provider, First Solar, Inc. (Nasdaq: FSLR),
joined owners Verve Energy and GE (NYSE: GE) unit GE Energy
Financial Services to mark the commencement of panel
installation at the Greenough River Solar Farm. WA Energy
Minister, Peter Collier, landholders, members of the
Geraldton community and local contractors were present to
help celebrate this achievement.
"The demonstration of this proven technology in WA on a
commercial scale should encourage the development of larger
projects and reduce renewable energy costs in the medium to
long term," the Minister said.
Construction of the 10-megawatt solar farm 50km south of
Geraldton began just four months ago. With above-ground
electrical work completed and structural supports now
installed, the next phase of construction will see local
workers install approximately 150,000 First Solar PV
modules. Scheduled for completion in mid-2012, the project
is expected to create almost 100 jobs.
"The successful delivery of the Greenough River Solar
Farm will help kick-off a long-term, sustainable market for
utility-scale solar in Australia. First Solar has a strong
record of successful project delivery, enhanced by working
with local communities to ensure projects make a meaningful
and lasting contribution," said Jack Curtis, Vice President
- Business Development & Sales, First Solar.
"When in operation, First Solar's panels produce
electricity with no water use, no waste production and no
CO2 emissions," Mr. Curtis added.
"GE Energy Financial Services sees Australia as a key
growth market that will continue to need capital to fuel
its expanding renewable energy industry. We hope this is
the first of many such milestones in the country," said
Jason Willoughby, GE Energy Financial Services' Australia
business leader. "With our strong partners, Verve Energy
and First Solar, we are pleased to help make this landmark
solar project a reality."
"The Greenough River Solar Farm is providing valuable
experience for Verve Energy in the development of solar
energy in WA," said Tony Narvaez, General Manager, Strategy
& Business Development, Verve Energy. "This experience will
be very useful when Verve Energy pursues its aim to develop
other solar farm projects in the near future."
Western Australian state-owned power utility Verve Energy
and GE Energy Financial Services each own 50 percent of the
Greenough River Solar Farm, with the WA Government having
provided A$20 million in funding, including A$10 million
from the WA Royalties for Regions program. No debt has been
raised to fund the project. First Solar is supplying its
advanced thin film PV modules and engineering, procurement
and construction services, in addition to operations and
maintenance support once the solar farm is operational.
The WA Water Corporation, which is building the Southern
Seawater Desalination Plant near Binningup, has committed
to purchasing 100 percent of the solar farm's output.
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) works on things that matter. The best people
and the best technologies taking on the toughest
challenges. Finding solutions in energy, health and home,
transportation and finance. Building, powering, moving and
curing the world. Not just imagining. Doing. GE works.www.ge.com.
GE Energy Financial Services
+1 203 961 2934
+1 203 339 1434(mobile)
christa.bowers@ge.com
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