First Solar Powers Up: 15-Year Power Purchase Agreement With Cleantech Solar Fuels India Facility

First Solar Inc FSLR has entered into a 15-year, captive Power Purchase Agreement (PPA) with Cleantech Solar, a renewable energy solutions provider to corporations in India and Southeast Asia.

Cleantech Solar will construct 150 megawatts (MW) of photovoltaic (PV) solar and 16.8 MW of wind-generating assets in Tamil Nadu, India.

The provision will supply about 7.3 gigawatt-hours (GWh) of clean electricity to First Solar's new 3.3-gigawatt (GW) vertically integrated solar manufacturing facility, also located in Tamil Nadu.

The project is expected to be fully commissioned by the third quarter of 2024 and is expected to meet up to 70% of the facility's electricity needs.

The power generated will displace almost 7,000 kilotons of CO2 emissions over the duration of the PPA.

Also, Cleantech Solar has agreed to procure 150 MW of advanced, India-made Series 7 thin film solar panels from First Solar, which will be delivered in the first half of 2024.

"Our new manufacturing facility in Tamil Nadu sets a high benchmark for responsible and sustainable vertically integrated solar manufacturing, not just in India, but globally," said Sujoy Ghosh, vice president and managing director, First Solar, India.

Price Action: FSLR shares traded lower by 0.32% at $166.88 on the last check Thursday.

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