Arevon, First Solar sign 2GW PV module supply agreement

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Arevon said the module purchase would help support its operations in the US. Image: Arevon Energy.

Renewables asset manager Arevon Energy has bagged more than 2GW of First Solar’s Series 7 thin film PV modules as it continues its supply arrangement with the US manufacturer.

Arevon said the modules would be used to support its “growing renewable energy portfolio” in the Midwest and Southwest US, adding to Arevon’s existing 2GW portfolio of operating assets with First Solar modules.

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“These orders solidify Arevon’s competitive advantage while ensuring we can deliver innovative solutions to our customers,” said the company’s COO, Justin Johnson.

First Solar said its Series 7 modules combine the company’s thin film cadmium telluride (CadTel) technology with a larger form factor and a new back rail mounting system to deliver improved efficiency, enhanced installation velocity and superior lifetime energy performance for US utility-scale PV projects.

Arevon’s CEO, John Breckenridge, said the deal would  “contribute to the expansion of the US solar value chain” through the sourcing of US-made modules that would “mitigate the risk of supply shortages and project delays”.

Indeed, many US developers were burnt over the past couple of years when the US imposed tariffs and trade restrictions on imported modules. Although those concerns have abated somewhat over the past few months – President Joe Biden waived tariffs on goods from Southeast Asia – it has led to many developers looking to source modules and solar products from US-based companies.

Meanwhile, the US$369 billion Inflation Reduction Act (IRA), passed into law by Biden in late July, promises to boost US PV manufacturing capacity through various tax incentives. Breckenridge said the supply deal with Frist Solar enabled it to “support US innovation in photovoltaics, and the expansion of domestic solar manufacturing capacity through our procurement strategy.”

“We’re pleased that Arevon has chosen to double down on its commitment to First Solar’s responsibly produced technology,” said Georges Antoun, chief commercial officer at First Solar. “These multiyear orders reflects a broader trend in the industry where developers are de-risking their project portfolios with strategic, long-term procurement frameworks and sourcing American solar.”

Arevon’s purchase is the latest in a number of recent supply deals for First Solar as interest in its US made products ramps up. Last week, independent power producer (IPP) Silicon Ranch secured 700MW of First Solar’s thin-film modules, while in August renewables developer Intersect Power landed a 2.4GW supply contract. A week before that, French developer Akuo Solar also announced a 500MW supply agreement with First Solar for its thin-film modules.

Following the IRA, First Solar is also planning to invest up to US$1.2 billion to expand its manufacturing operations in the US, including setting up a vertically integrated factory in the country’s Southeast with an annual capacity of 3.5GW.   

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