First Solar announces expansion of production lines
First Solar Announces Expansion. Additional Four Production Lines to Support New Long Term Module Supply Agreements Totalling 557MW
Phoenix, AZ, Nov 5, 2007
Source. First Solar Inc, press release
http://investor.firstsolar.com/releasedetail.cfm?ReleaseID=273313
First Solar, Inc. (Nasdaq:FSLR) announced today that it has entered into new long term module supply agreements with a subsidiary of international investment and funds and asset manager Babcock & Brown (Australia:BNB), and Ecostream Switzerland GmbH, a subsidiary of Econcern BV, which focuses on developing solutions for sustainable energy supply. The new agreements expand contracted module volume by a total of 557MW, allowing for additional sales of approximately $1 billion at an assumed exchange rate of $1.30/E1.00 over the period of 2008 to 2012. The agreements are structured on terms similar to First Solar’s existing long term supply agreements.
To meet the demand expected from the sales contracts, First Solar’s board of directors has approved the construction of a fourth manufacturing plant in Malaysia with four production lines, bringing the total number of production lines to 16 for the Malaysian Manufacturing Center. The new plant is scheduled to start production in the second half of 2009 and will be built adjacent to the three previously announced plants currently under construction in Malaysia.
About First Solar
First Solar, Inc. (Nasdaq:FSLR) manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. For more information about First Solar, please visit www.firstsolar.com.