First Solar : completes Australia's largest utility-scale solar plants

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News Release

First Solar completes Australia's largest utility‐scale solar plants Solar cements a leading position in Australia's energy mix

Sydney, Australia, January 20, 2016 - First Solar today celebrates the opening of Australia's largest utility‐scale solar plants - both located in New South Wales (NSW).

While the environmental benefits of utility‐scale solar are well known in Australia, the substantial and continual improvement in the cost and performance of new solar power is often overlooked.

Today's opening of the 155MW Nyngan and Broken Hill solar plants reflects the positive future of utility‐scale solar in Australia. Today there is a total of 245MW1 of utility‐scale solar operating in Australia, of which First Solar has built 165MW.

Jack Curtis, First Solar's Regional Manager for Asia Pacific believes Australia is poised to take advantage of low‐ cost utility‐scale solar, said "In many parts of the world, solar energy is already cost‐competitive with conventional generation. Considering the substantial and sustained cost reductions in the solar industry and the lessons learnt at projects like Nyngan and Broken Hill, it is inevitable that utility‐scale solar projects in Australia will compete on an unsubsidised basis, in the near future."

With the completion of both the Nyngan and Broken Hill Solar Plants, First Solar cements its position as Australia's leading utility‐scale PV solutions provider. Both plants have positively impacted the regional economy, with First Solar working with regional suppliers and investing in training to ensure best practice knowledge sharing.

"First Solar has successfully established a low‐cost local Australian supply chain for key equipment, driving down the cost of delivery of future Australian solar projects," said Mr Curtis. "As ageing coal power plants are decommissioned, there is an enormous potential for renewable energy - and utility‐scale PV in particular - to fill the void and provide clean and affordable electricity."

To celebrate the opening today, First Solar was joined at the Nyngan Solar Plant by the project owner, AGL Energy Limited, the Australian Renewable Energy Agency (ARENA), subcontractors, community members and government officials, including: the Hon. Greg Hunt MP, Federal Minister for the Environment; the Hon. Anthony Roberts, NSW Minister for Industry, Resources and Energy; Mark Coulton, Federal Member for Parkes; and Ray Donald, Bogan Shire Council Mayor.

According to AGL Managing Director and CEO Andy Vesey, "Our two plants signal the birth of large‐scale solar in Australia and add to AGL's record of having built approximately $2 billion of renewable generation in the last decade. We are heading toward a carbon constrained future and AGL wants to take a leadership position in making that transition."

1 Defined as projects with a capacity of 10MW(ac) or larger

The projects were supported by $166.7 million of Commonwealth Government funding through the Australian Renewable Energy Agency (ARENA) as well as an additional $64.9 million in funding from the NSW Government. The total project cost was approximately $440 million.

ARENA's Acting CEO Ian Kay congratulated AGL and First Solar on the significant milestone, noting it was the result of hard work and commitment over many years.

"In the future, this historic achievement will mark the moment big solar started to become a major contributor to Australia's energy supply. The AGL plants, along with other ARENA‐supported large‐scale solar projects currently underway and the $100 million funding round, are part of ARENA's efforts to make large‐scale solar in Australia more competitive with other sources of energy generation. Ultimately, this momentum will allow us to capitalise on Australia's world‐leading solar resource and speed up the transition to renewable energy for our electricity needs."

Supplying over two million of its advanced thin‐film PV modules for the projects, First Solar also provided engineering, procurement and construction (EPC) services and will provide maintenance support for a period of five years now the plants are operational.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil‐fuel electricity generation today. From raw material sourcing through end‐of‐life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, 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 statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems (BoS) cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates, and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct photovoltaic (PV) solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward‐looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "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. 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. 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 in Item 1A: "Risk Factors," of our most recent Annual Report on Form 10‐K, Quarterly Reports on Form 10‐Q, Current Reports on Form 8‐K and other reports filed with the SEC.

Contacts

First Solar Media Jennifer Pooley

Burson‐Marsteller for First Solar

[phone]

[e-mail] or

Deepali Girdhar

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[e-mail]

First Solar Investors Stephen Haymore

+1 602‐414‐9315

[e-mail] SOURCE: First Solar, Inc.