Azure becomes 1st customer for First Solar’s Indian factory with 600-MW order
First Solar modules. Image by First Solar.
September 19 (Renewables Now) - US thin-film solar module maker First Solar Inc (NASDAQ:FSLR) today unveiled an agreement to supply 600 MW DC of modules to Indian renewables company Azure Power Global Ltd (NYSE:AZRE).
The deal marks the first order for the manufacturer’s plant in Tamil Nadu, India, which is set to be commissioned in the second half of 2023 and which will have an annual nameplate capacity of 3.3 GW DC. The facility will produce a version of First Solar’s Series 7 modules, optimised for the local market.
Azure is expected to receive the modules from the fourth quarter of 2023 to 2025. The company’s active chief executive, Rupesh Agarwal, said the long-term agreement is key to de-risking the company’s supply side.
“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,” commented First Solar chief commercial officer Georges Antoun.
First Solar recently announced plans to invest some USD 1.2 billion (EUR 1.2bn) to build its fourth solar panel factory in the US and expand the manufacturing capacity in Ohio. The company expects to reach over 20 GW DC of global annual manufacturing capacity by 2025.