First Solar Powers Up: 15-Year Power Purchase Agreement With Cleantech Solar Fuels India Facility
Portfolio Pulse from Shivani Kumaresan
First Solar Inc (NASDAQ:FSLR) has signed a 15-year Power Purchase Agreement with Cleantech Solar to supply clean electricity to its new solar manufacturing facility in Tamil Nadu, India. Cleantech Solar will construct 150 MW of solar and 16.8 MW of wind assets, expected to be commissioned by Q3 2024, and will meet 70% of the facility's needs. The agreement includes the purchase of 150 MW of Series 7 solar panels from First Solar, with delivery in the first half of 2024. The initiative will help displace about 7,000 kilotons of CO2 emissions.
January 04, 2024 | 5:19 pm
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First Solar Inc's new PPA with Cleantech Solar is a strategic move to power its manufacturing facility with renewable energy, showcasing its commitment to sustainability and potentially enhancing its corporate reputation.
The PPA with Cleantech Solar is likely to have a positive impact on First Solar's stock in the short term due to the company's increased sustainability efforts and the potential cost savings from using renewable energy. The procurement of solar panels from First Solar's own manufacturing facility could also be seen as a vote of confidence in its products, which may be well-received by investors.
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