Savion announced the agreement to purchase 2.6 gigawatts (GWdc) of high-performance, responsibly produced Series 7 thin film solar modules from First Solar, Inc. (Nasdaq: FSLR). The deal with Savion was booked prior to the release of First Solar’s Q3 2022 earnings in October 2022, and the modules are scheduled to be delivered between 2025 and 2027.
The passing of the Inflation Reduction Act (IRA) has been a critical component in Savion’s commitment to supporting the expansion of the manufactured renewables supply chain in the United States. The IRA strongly contributed to the agreement between Savion and First Solar, the only U.S.-headquartered company among the world’s largest solar manufacturers.
First Solar is expanding its U.S. manufacturing capacity, with a third factory expected to come online in Ohio in the first half of 2023 and a fourth factory under construction in Alabama expected to be commissioned by 2025. Both factories will produce the Series 7 modules ordered by Savion.
“As we accelerate our efforts to support America’s energy transition, we’re excited to move to an Independent Power Producer model,” said Nick Lincon, president of Savion and vice president of Onshore Renewables North America, Shell. “Our agreement with First Solar provides the certainty we need to execute our strategy. They share our values and strategic vision for increased domestic production efforts. Our team looks forward to working with the new Series 7 module, benefitting from its enhanced efficiencies and performance.”
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 U.S. utility-scale PV projects.
“Savion’s stringent assessment of its suppliers mirrors our own commitment to Responsible Solar, and we are delighted to welcome Savion to the growing ranks of customers choosing to mitigate their risks and boost their competitiveness by entering into long-term supply agreements with First Solar,” said Georges Antoun, chief commercial officer for First Solar. “Moreover, our customers don’t simply get a competitive, high-performance solar module. They get a product that sets the benchmark for responsibly produced, sustainable PV.”