First Solar to develop 45 (MW) AC of Utility Scale Solar Projects in Telegana

GENERATED ELECTRICITY WILL IMMEDIATELY HELP REDUCE ENERGY DEFICIT

First Solar Inc. (Nasdaq: FSLR), the world’s biggest thin film solar module manufacturer and one of the largest developers of utility scale solar projects worldwide, with a global project pipeline of more than 2500MW, today announced its first development project in India. Through its Indian subsidiary, the company plans to build 45Megawatt (MW) AC capacity of solar power generation in the new state of Telangana, which will supply electricity through the grid to the Southern Power Distribution Company of Telangana State Limited (TSSPDCL), at a levelized tariff of Rs. 6.49p/kwh for a period of 20 years.

The project will include construction at two different sites in the Mahabubnagar district, and is expected to be in commercial operation by May of 2015.

“The state of Telangana has an energy deficit that demands immediate creation of incremental generation capacity. The excellent solar resource in the state combined with our CdTe thin film module technology that is ideally suited for hot climates like India, allows us to bid tariffs that brings solar energy pricing to parity with diesel/gas and potentially imported coal, for the consumers across all segments. We are optimistic that the state will enhance their plans for creating a higher deployment of solar in the overall energy mix to address the energy deficit in a sustainable manner,” said Sujoy Ghosh, Country Head for First Solar India.

Mr. Ghosh said construction of the project was expected to begin by October of this year.

On completion, the projects are expected to produce approximately 86,880 Mwhr of electricity each year which will be sufficient to meet the needs of over 92,000 average homes in Telangana.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems (“BoS”) cost reduction roadmaps, restructuring, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct photovoltaic (“PV”) solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in Item 1A: “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2012, as updated and supplemented by risk factors included in our Prospectus dated June 12, 2013 filed with the SEC pursuant to Rule 424(b)(5) (the “Prospectus”), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.

Source: First Solar

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