First Solar Announces Five New Agreements

Jul.12.07 | About: First Solar, (FSLR)

In one of the largest solar cell supply agreements, First Solar, Inc. (Nasdaq:FSLR) announced that it has entered into five agreements for the manufacture and sale of solar modules totaling 685 Megawatts. These new agreements are expected to allow for sales of approximately $1.28 billion at an assumed exchange rate of $1.30/EUR1.00, over the period of 2007 to 2012.

Included in the new agreements are long term agreements with EDF Energies Nouvelles, Sechilienne-Sidec, RIO Energie GmbH & Co, and KG, a joint venture of the Stadtwerke Mainz AG utility company and the Juwi Group. First Solar and the Juwi Group have also agreed to increase volumes under an existing agreement.

First Solar also announced that its board of directors has approved the construction of an additional manufacturing plant in Malaysia with an annual production nameplate rating of 120 Megawatts, representing an investment of approximately $150 million. The additional production capacity of the new plant is scheduled to come on line in the first half of 2009.

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