US thin-film solar manufacturer First Solar has signed a 500MW solar module supply agreement with French developer Akuo Solar.
Under the terms of the deal, First Solar will supply Akuo with an initial tranche of 200MWdc of modules in the first half of 2024, followed by further deliveries slated for 2025 and 2026.
First Solar said the order was signed using the company’s agile contracting approach which will allow Akuo to benefit from advances to First Solar’s module technology over the timeline of the deal.
Eric Scotto, CEO at Akuo, said the deal formed part of broader efforts from the business to reduce “long-term supply risks” of its 7GW development pipeline of global solar projects.
Its deal with Akuo is the latest in a line of module supply deals First Solar has penned in recent months totalling multiple gigawatts, with developers including National Grid Renewables, Leeward Renewable Energy, Origis Energy and Silicon Ranch all turning to the US-based module manufacturer as concerns grew over the AD/CVD investigation and traceability demands from US border officials.
First Solar is, however, increasingly sold out over the coming years and expects to ship upwards of 9.4GW of modules this year, prompting a capacity expansion plan that spans the US, India and potentially Europe.