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First Solar Joins Desertec Initiative

|Includes: First Solar, Inc. (FSLR)

First Solar Inc. (NASDAQ: FSLR) announced today that it has joined the Desertec Industrial Initiative as an Associated Partner.

First Solar is the first pure photovoltaic (PV) company to join the European led initiative.

Desertec wants to develop renewable energy production in the desert regions of Northern Africa and the Middle East for both local use and for exportation to Europe. It aims at meeting 15% of Europe’s energy needs, and a substantial part of the demand in Northern Africa and the Middle East, via concentrated solar plants and wind power by 2050.

As an Associated Partner of Desertec for an initial period of three years, First Solar will contribute utility-scale PV expertise in Desertec working groups and prepare the ground for reference projects and a roll-out plan.

Desertec’s founders include ABB, Abengoa Solar, Cevital, Deutsche Bank, EON, HSH Nordbank, Muenchener Rueca, M+W Zander, RWE, Schott Solar, Siemens and Solar Millennium/MSM.

First Solar has already built utility-scale solar power plants in desert conditions in the United States and United Arab Emirates and is preparing the way for a 2-gigawatt solar power plant in Ordos City, Inner Mongolia, which will create hundreds of solar jobs.


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