Biref video introduction about First Solar
Why choose First Solar to be solar partner?
- Unparalleled experience around the globe
First Solar has developed, financed, engineered, constructed and currently operates many of the world’s largest grid-connected PV power plants. Our experience across the solar value chain reduces risk while delivering more reliable, dependable and cost-effective solutions for our customers.
- Fastest growing PV technology
No company invests more in R&D advancing our technology to rapidly increase our energy yield, lower LCOE and provide stable grid integration.
- Cost Competitive
First Solar delivers an LCOE that is cost competitive with fossil fuels. First Solar technology delivers power during peak energy use smoothing costs for energy consumers against fuel-price volatility.
- Strongest Balance Sheet in the Industry
With the strongest financial stability in the industry, the use of our technology in debt-financed projects is unparalleled. Our bankable energy solutions provide access to capital and low-cost financing from leading utilities and energy investors.
Biref introduction about Leeward Renewable Energy Development, LLC
Leeward Renewable Energy is a growth-oriented renewable energy company that owns and operates a portfolio of 21 wind farms across nine states, totaling more than 2,000 MW of installed capacity. We are actively developing new wind, solar, and energy storage projects in energy markets across the U.S.
Leeward is a portfolio company of OMERS Infrastructure, a preeminent global infrastructure investor and investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$109 billion in net assets (as at December 31, 2019).
Leeward Mission & Values
As passionate renewable energy advocates, we take great pride in responsible development and the safe operation of our projects. We are focused on building sustainable solutions for clean, renewable energy, and we remain dedicated to empowering communities through energy independence, job creation, and lasting partnerships.
The cooperation between First Solar & Leeward
First Solar, Inc. announced that it has entered into a Purchase and Sale Agreement with Leeward Renewable Energy Development, LLC, in which Leeward will acquire from First Solar a utility-scale solar project platform of approximately 10 gigawatts (GW)AC.
The transaction is expected to close in the first quarter of 2021, after obtaining regulatory approvals and satisfying customary closing conditions.
Headquartered in Dallas, Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans.
Upon closing of the transaction, Leeward will acquire the US project platform, which includes the Rabbitbrush, Madison, Oak Trail, Horizon, and Ridgely projects that are expected to commence construction in the next two years, as well as the 30 MWAC Barilla Solar project, which is operational.
First Solar will retain 1.1 GWAC of projects in the US that are expected to be sold separately. Key members of the First Solar project development team are also expected to join Leeward upon closing.
Subject to closing of the acquisition, Leeward will purchase 650 MWDC of First Solar’s high-performance Series 6 photovoltaic (PV) solar modules for its additional development opportunities. Leeward’s acquisition of the project platform also includes purchase orders for 888 MWDC of Series 6 modules for the five development projects referenced above.
Additionally, Leeward’s acquisition of the project platform will include 242 MWDC of Series 4 modules safe-harbored under the solar Investment Tax Credit (ITC) program, 148 MWDC of which has previously been booked.
In total, upon closing, Leeward’s acquisition of the project platform will comprise the acquisition of projects with module purchase orders, together with the entry into additional purchase orders, of approximately 1.8 GWDC of First Solar PV modules, of which 744 MWDC represent new bookings as of closing.
“The public recognizes that renewable energy is a key driver in combating the global issue of climate change. Solar and renewable technologies continue to advance and now provide economically viable solutions in virtually every market in the US,” said Jason Allen, CEO Leeward Renewable Energy. “We will continue to grow our wind, solar, and storage presence so we can continue to provide clean energy to our existing and future customers as they pursue their net-zero emission goals.”
“The sale of the platform is a result of the strategic review we announced in 2020 and we’re pleased that it will be acquired by Leeward, a company that shares our values and vision for a sustainable energy future,” added Mark Widmar, CEO, First Solar. “Enabled by our Series 6 module’s seamless compatibility with industry systems and processes, the sale is part of a transition that allows us to focus on doing what we do best, which is scaling, developing, and selling our world-class module technology.”
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