Press Release

Arevon Secures 2 GW Supply of Responsibly Produced American Solar Modules from First Solar

NEW YORK, SCOTTSDALE and TEMPE, Ariz. – October 27, 2022 – Arevon Energy, Inc. has secured a more than 2–gigawatt (GW)DC supply of advanced Series 7 thin film photovoltaic (PV) solar modules from First Solar, Inc. (Nasdaq: FSLR) to support its growing renewable energy portfolio. Approximately 700 megawatts (MW)DC of the total volume secured includes purchase orders issued prior to the release of First Solar’s Q2 2022 earnings in July this year. These orders will add to Arevon’s existing 2 GW portfolio of operating assets with First Solar modules and will support projects under development in the Midwest and Southwest regions.

“Arevon is at the forefront of powering the energy transition through the development of our nationwide solar pipeline,” said Justin Johnson, Arevon’s chief operating officer. “These orders solidify Arevon’s competitive advantage while ensuring we can deliver innovative solutions to our customers.”

Nationally, the demand for solar has increased substantially. A September 2022 forecast from Wood Mackenzie  estimates that due to recent legislation, the U.S. recorded its largest quarter-over-quarter growth with 10 GW of new utility-scale solar capacity contracts. These orders for modules will ensure that Arevon can execute projects planned to deploy in the next five years.

“We are pleased to further expand our relationship with First Solar and contribute to the expansion of the US solar value chain,” said John Breckenridge, Arevon’s chief executive officer. “Sourcing American solar technology from First Solar allows us certainty of supply and helps mitigate the risk of supply shortages and project delays. More broadly, it also allows us to support US innovation in photovoltaics, and the expansion of domestic solar manufacturing capacity through our procurement strategy.”

Designed and developed at its R&D centers in California and Ohio, First Solar’s advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. The modules, which have the lowest carbon and water footprint of any commercially available PV technology today, will support Arevon’s project pipeline through 2027.

“We’re pleased that Arevon has chosen to double down on its commitment to First Solar’s responsibly produced technology,” said Georges Antoun, chief commercial officer, First Solar. “These multiyear orders reflects a broader trend in the industry where developers are de-risking their project portfolios with strategic, long-term procurement frameworks and sourcing American solar. We are proud to be in a position to enable the growth of leading American developers like Arevon, by providing them with the certainty and long-term visibility they need.”

Developed in close collaboration with Engineering, Procurement, and Construction (EPC) companies, and structure and component providers, First Solar’s Series 7 modules combine the company’s thin film cadmium telluride (CadTel) technology with a larger form factor and a new back rail mounting system to deliver improved efficiency, enhanced installation velocity, and superior lifetime energy performance for US utility-scale PV projects.

First Solar, the only US-headquartered company among the world’s largest solar manufacturers, is expanding its manufacturing capacity at home and abroad. In addition to a third factory under construction in Ohio, the company recently announced an investment of up to $1.2 billion in expanding its Ohio manufacturing footprint and a new manufacturing facility, its fourth American manufacturing facility, in the US Southeast. This latest investment is expected to bring First Solar’s total investment in American manufacturing to $4 billion, while its annual US manufacturing capacity is forecast to expand to over 10 GWDC by 2025.