Intersect Power expected to be the largest buyer and operator of First Solar technology by 2029.
First Solar signed an additional agreement with power producer Intersect Power for the delivery of 4.9 GW of thin-film modules to be deployed from 2025 to 2029.
Combined with an initial agreement signed in July for 2.4 GW of First Solar modules, the add-on order brings the total commitment for Intersect to 7.3 GW of modules procured.
San Francisco-based Intersect Power, which is backed by investors Climate Adaptive Infrastructure, Trilantic and Generate Capital, will receive a combination of First Solar’s Series 6 Plus and Series 7 modules for deployment on the IPP’s solar, energy storage and green hydrogen projects starting in 2025.
“We have an unprecedented opportunity to decarbonize our economy while simultaneously bolstering our manufacturing sector and providing clean energy security,” said Sheldon Kimber, chief executive officer of Intersect Power.
Prior to 2022, Intersect Power had placed cumulative orders of 4.1 GW in total in 2019 and 2021.
In 2021, Intersect Power closed eight separate transactions representing an aggregate of $2.6 billion of financing commitments to build and operate a six-project portfolio. The deals cover construction financing, tax equity, land financing, and portfolio-level term debt. The closings enabled San Francisco-based Intersect to execute on 2.2 GWdc of late-stage solar projects with 1.4 GWh of storage that will be in operation by 2023. The portfolio includes Athos III, Oberon I, and Oberon II in California, and Lumina I, Radian, and Lumina II in Texas.
Since the passing of the federal Inflation Reduction Act in August, the Tempe, Arizona-based solar module producer has landed two other large orders of 2 GW thin-film modules apiece from Arevon Energy and Swift Current Energy.
Yesterday, First Solar selected Lawrence County, Alabama, as the location for its fourth solar module manufacturing facility in the U.S. The recently announced Alabama factory is part of the company’s plan to scale its U.S. manufacturing footprint to over 10 GW by 2025.
In addition to its U.S. manufacturing facilities, First Solar also operates factories in Vietnam and Malaysia, and is building its first new manufacturing facility in India, which is scheduled to begin operations in the second half of 2023.
