US solar manufacturer First Solar will supply renewables developer Intersect Power with an additional 4.9GWdc of its thin-film PV modules. The transaction means that Intersect Power has ordered 7.3GWdc of First Solar technology this year.
The orders placed this year will go towards Intersect Power’s pipeline of solar, storage and green hydrogen projects across the US between 2025-29, and will deploy First Solar’s Series 6 Plus and Series 7 modules.
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Intersect closed US$3.1 billion in financing in September to deploy its 2.2GW short-term US renewables portfolio.
“We have an unprecedented opportunity to decarbonise our economy while simultaneously bolstering our manufacturing sector and providing clean energy security,” said Sheldon Kimber, CEO of Intersect Power.
Intersect Power had purchased 4.1GWdc of First Solar modules prior to 2022, in deals signed in 2019 and 2021.
These latest transactions come at a time when First Solar is seeing significant investment and expansion in the US. This week it confirmed a new 3.5GWdc factory in Alabama, and recently invested US$270 million in an Ohio research and development centre. The company said that its US manufacturing capacity is set to reach 10GW by 2025.
First Solar said that its integrated manufacturing process would help to mitigate supply chain issues faced recently by US solar firms. Yesterday, Enel announced a 3GW US cell and module factory, which it also claimed would mitigate procurement issues.
“Intersect Power was one of the early pioneers of long-term, multi-year procurement and has benefitted from the certainty of supply and stable pricing that this approach delivers,” said Georges Antoun, CCO of First Solar.
The growth of the partnership between Intersect Power and First Solar comes after the latter made good on its suggestion that, should the Inflation Reduction Act (IRA) pass, it would build out its US manufacturing capacity.
Short-term, the country has been forecast to continue to suffer from supply chain and procurement issues, with the IRA’s true potential not being felt until 2024, however the US was recently identified by EY as the most attractive global market for renewable energy investment, in large part because of the IRA.
“Our country’s energy transition must be American made”, said Kimber.