First Solar announced its agreements to supply an additional 4.9 gigawatts (GW)DC of its photovoltaic (PV) solar modules to Intersect Power.
First Solar earlier signed an agreement for supplying 2.4 GWDC in July 2022 to Intersect Power. Hence, these transactions take Intersect Power’s total orders for First Solar modules this year to 7.3 GWDC. Of the 4.9 GWDC, the agreement to supply 1 GWDC was signed prior to First Solar’s Q3 2022 earnings call in October, while the agreement to supply the remaining 3.9 GWDC was signed subsequent to the October earnings call.
The orders placed by Intersect Power this year will see a combination of First Solar’s Series 6 Plus and Series 7 modules deployed in its solar, storage, and green hydrogen projects coming online across the United States from 2025 to 2029.
Prior to 2022, Intersect Power had placed orders for a total of 4.1 GWDC of modules in deals signed in 2019 and 2021. This latest transaction is expected to solidify its position as the world’s largest buyer and operator of First Solar’s PV module technology, with an estimated deployed capacity of 11.4 GWDC by 2029.
“Intersect Power was one of the early pioneers of long-term, multi-year procurement and has benefitted from the certainty of supply and stable pricing that this approach delivers,” said Georges Antoun, chief commercial officer, First Solar.
Intersect Power has a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is under construction or in operations. The company’s business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets including green hydrogen.