Solarvest Orders 93 MW of First Solar Modules for Malaysian Projects

TEMPE, Ariz. and KUALA LUMPUR, Malaysia, July 21, 2022 (GLOBE NEWSWIRE) -- First Solar, Inc. (Nasdaq: FSLR) will supply Solarvest Holdings Berhad (KLSE: SLVEST), a clean energy specialist and turnkey engineering, procurement, construction and commissioning (EPCC) service provider in South-East Asia, with 93 megawatts (MW)_DC of advanced thin film photovoltaic (PV) solar panels.

The modules will power four projects being built as part of Malaysia’s Large Scale Solar Program (LSS) with deliveries taking place between August to November, 2022. Solarvest will use First Solar Series 6 modules for projects located in the Malaysian states of Selangor, Perak, and Kedah. Approximately 75 MW of the total order is expected to be sourced from First Solar’s manufacturing facility in Kulim, Malaysia. Founded in 2012, Solarvest pioneered grid-connected solar installations in Malaysia and has deployed around 400 MW across the country.

“We’re thrilled to be using First Solar’s thin film technology, including solar panels made in Penang, to power our projects in Malaysia,” said Davis Chong, executive director and group chief executive officer of Solarvest. “The use of these advanced solar panels will further accentuate the advantage our engineering solutions bring in terms of maximizing energy yields. This combination will no doubt enhance the competitiveness of our projects.”

He added, "Besides that, this is also part of our strategy to mitigate concentration risk in relation to our procurement practices, especially given the uncertainties in the global supply chain today. The sourcing diversification promotes greater stability for Solarvest as we continue to scale up.”  

Designed and developed at its research and development (R&D) centers in California and Ohio, First Solar’s responsibly produced advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. The modules have the smallest carbon footprint, fastest energy payback time, and lowest lifecycle water footprint in the industry.

“First Solar has a longstanding presence in Malaysia and we’re proud that our module technology will play a role in helping the country meet its clean energy goals,” said Adam Smith, vice president of Global Business Development, First Solar. “This deal represents our commitment to deploying our high-performance and eco-efficient module technology at scale in Malaysia.”

First Solar has had a presence in Malaysia since 2007 and currently operates a 3.3 gigawatt (GW)_DC manufacturing plant in Penang. In addition to its Malaysian manufacturing facilities, First Solar also operates factories in Vietnam and the United States, where it is building its third factory. The company is also building a new 3.3 GW factory in India. With First Solar’s expansion in the United States and India and optimization of its existing fleet, the company anticipates that its nameplate manufacturing capacity will double to 16 GW in 2024. First Solar is the only US-headquartered company among the world’s ten largest solar manufacturers.

About First Solar, Inc.
First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning (1) an order for 93 MW_DC of solar modules for Solarvest Holdings; and (2) First Solar’s plans to establish new factories in the United States and India, the expected capacities of those factories; and First Solar’s resulting global manufacturing capacity. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.  

About Solarvest Holdings Berhad
Solarvest is a clean energy specialist with a multi-national presence across Asia-Pacific. The Malaysia-based company started as a one-stop solar photovoltaic system solution provider for residential, commercial & industrial, and utility-scale solar farms. Today, Solarvest also owns renewable energy generation plants with a cumulative capacity of over 50MW (on-going and completed). The company is currently venturing into other clean energy solutions including, among others, energy efficiency, low-carbon mobility, and renewable energy certificates.
Solarvest is listed on the Main Market of Bursa Malaysia. For more information, log on to https://solarvest.my

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