Azure Power Signs Agreement for 600 MW of First Solar's High-Performance Modules

Azure Power indicators on as launch buyer for modules made in India by First Solar   

NEW DELHI, India, and TEMPE, Ariz., Sept. 19, 2022 /PRNewswire/ — Azure Power Global Limited (NYSE: AZRE) (“Azure Power”), a number one impartial sustainable vitality options supplier and renewable energy producer in India, introduced that it has entered into an settlement for 600 megawatts (MW)_DC of high-performance, superior skinny movie photovoltaic (PV) photo voltaic modules from First Solar, Inc. (NASDAQ: FSLR).

The settlement is the primary for manufacturing from First Solar’s new manufacturing facility in Tamil Nadu, India, which is predicted to be commissioned within the second half of 2023. Under the settlement, Azure Power is predicted to take supply of First Solar’s Series 7 photovoltaic (PV) photo voltaic modules from the fourth quarter of 2023 to 2025.

“We are pleased to partner with First Solar with their latest Series 7. Having a long-term agreement with global solar modules technology leaders like First Solar is key to de-risking our supply side with the latest technology available in the market,” mentioned Rupesh Agarwal, performing chief government officer, Azure Power.

First Solar’s vertically built-in manufacturing facility, situated close to Chennai, is projected to have an annual nameplate capability of 3.3 GW_DC and is predicted to supply a model of the corporate’s Series 7 modules that’s optimized for the Indian market. Unique among the many world’s ten largest photo voltaic producers for being the one US-headquartered firm, First Solar produces its skinny movie PV modules utilizing a completely built-in, steady course of underneath one roof.

“Our relationship with Azure Power goes back over a decade and we are pleased that it is the launch customer for a product that has not only been designed for India, but made in India, for India,” mentioned Georges Antoun, chief business officer, First Solar. “This deal demonstrates how experienced developers and independent power producers in India are increasingly taking a strategic view on procurement and securing long-term commitments that help tackle the risks of short-term pricing and supply volatility. When working with First Solar, they benefit from certainty of pricing and supply, and a technology that is advantaged in India’s operating environments.”    

Designed and developed at its analysis and improvement (R&D) facilities in the United States, First Solar’s responsibly produced superior skinny movie PV modules set business benchmarks for high quality, sturdiness, reliability, design, and environmental efficiency. The modules have a carbon footprint that’s 2.5 occasions decrease and a water footprint that’s thrice decrease than the typical crystalline silicon photo voltaic panel made with cells produced in China. Additionally, First Solar is the one firm among the many ten largest photo voltaic producers globally to be a member of the Responsible Business Alliance (RBA), the world’s largest business coalition devoted to supporting the rights and well-being of employees and communities within the international provide chain.

In addition to its new manufacturing facility in India and a 3rd manufacturing facility within the US, each of that are anticipated to return on-line in 2023, First Solar just lately introduced that it plans to speculate as much as $1.2 billion in constructing a fourth manufacturing facility within the US Southeast and increasing the capability of its present manufacturing footprint in Ohio. The new investments are anticipated to scale the corporate’s annual manufacturing capability within the US by 4.4 GW_DC permitting it to achieve over 20 GW_DC of international annual manufacturing capability by 2025.      

About Azure Power

Azure Power is a number one impartial sustainable vitality options supplier, and renewable energy producer in India on a mission to create worth for all stakeholders by way of high-performance Renewable Energy belongings. It developed India’s first utility scale photo voltaic mission in 2009 and since then, Azure Power has grown quickly to grow to be a frontrunner in growing and working giant utility-scale renewable vitality initiatives within the nation. Azure Power additionally companions with business and industrial clients of their decarbonization journey by offering complete options for their clear vitality wants. For extra info, please go to www.azurepower.com   

For Azure Power Investors

This press launch accommodates forward-looking statements inside the which means of Section 21E of the US Securities Exchange Act of 1934, as amended, and the US Private Securities Litigation Reform Act of 1995, together with statements relating to Azure Power’s future monetary and working steerage, operational and monetary outcomes similar to estimates of nominal contracted funds remaining and portfolio run fee, and the assumptions associated to the calculation of the foregoing metrics. The dangers and uncertainties that might trigger Azure Power’s outcomes to vary materially from these expressed or implied by such forward-looking statements embody: the supply of financing/refinancing on acceptable phrases; modifications within the business and retail costs of conventional utility generated electrical energy; modifications in tariffs at which long run PPAs are entered into; cancellation of PPAs; modifications in insurance policies and laws together with internet metering and interconnection limits or caps; ongoing and potential litigation and/or regulatory investigations; failure and delays in making regulatory filings (together with in India, Mauritius and United States); the supply of rebates, tax credit and different incentives; curtailment; the supply of photo voltaic panels and different uncooked supplies; its restricted working historical past, its potential to draw and retain its relationships with third events, together with its photo voltaic companions; its potential to fulfill the covenants in its debt services; meteorological circumstances and such different dangers recognized within the registration statements and studies that Azure Power information with the US Securities and Exchange Commission every so often. All forward-looking statements on this press launch are primarily based on info accessible to Azure Power as of the date hereof, and Azure Power assumes no obligation to replace these forward-looking statements.

About First Solar, Inc.

First Solar is a number one American photo voltaic expertise firm and international supplier of responsibly produced eco-efficient photo voltaic modules advancing the battle in opposition to local weather change. Developed at R&D labs in California and Ohio, the corporate’s superior skinny movie photovoltaic (PV) modules signify the following era of photo voltaic applied sciences, offering a aggressive, high-performance, lower-carbon various to standard crystalline silicon PV panels. From uncooked materials sourcing and manufacturing by way of end-of-life module recycling, First Solar’s strategy to expertise embodies sustainability and a accountability in the direction of folks and the planet. For extra info, please go to www.firstsolar.com.

For First Solar Investors

This launch accommodates forward-looking statements that are made pursuant to protected harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements embody, however should not restricted to, statements regarding an order for 600 MW_DC of photo voltaic modules by Azure Power;  the expectation that First Solar’s new facility in Tamil Nadu, India will likely be commissioned within the second half of 2023; the projected nameplate capability of that facility; the expectation that First Solar’s third manufacturing facility within the U.S. will come on-line in 2023; First Solar’s plan to speculate as much as $1.2 billion in constructing a fourth manufacturing facility within the US Southeast and increasing the capability of its present manufacturing footprint in Ohio; and First Solar’s expectation that such new funding will scale the corporate’s annual manufacturing capability within the US by 4.4 GW_DC permitting it to achieve over 20 GW_DC of international annual manufacturing capability by 2025. These forward-looking statements are sometimes characterised by the use of phrases similar to “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the unfavourable or plural of these phrases and different comparable terminology. Forward-looking statements are solely predictions primarily based on our present expectations and our projections about future occasions and due to this fact converse solely as of the date of this launch. You mustn’t place undue reliance on these forward-looking statements. We undertake no obligation to replace any of these forward-looking statements for any cause, whether or not in consequence of new info, future developments or in any other case. These forward-looking statements contain recognized and unknown dangers, uncertainties, and different elements that will trigger our precise outcomes, ranges of exercise, efficiency, or achievements to vary materially from these expressed or implied by these statements. These elements embody, however should not restricted to, the issues mentioned underneath the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most up-to-date Annual Report on Form 10-Ok and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our different filings with the Securities and Exchange Commission.  

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