First Solar to Expand German Plant
FRANKFURT, Germany, June 11, 2010 — First Solar, a sustainable energy solutions company that manufactures photovoltaic modules, announced its intent to expand its German manufacturing plant in Frankfurt, doubling local production capacity and creating several hundred new jobs.
The company, which already employs more than 600 associates in Frankfurt, is in advanced talks with the German regional and federal authorities to obtain the necessary regulatory permits and financial framework for the expansion.
The expansion would be the first major foreign direct investment in the German green technology sector this year. It would double the annual capacity of the Frankfurt manufacturing plant to around 446 MW by the fourth quarter of 2011 from 223 MW today to serve the strong European customer base.
The expansion also helps the company increase its natural income hedge against euro/dollar exchange rate risk by producing more in Germany for European customer demand.
The German state of Brandenburg welcomed the announcement by First Solar and described it as an endorsement of its strategy to further expand the production of renewable energy.
For more information, visit: www.firstsolar.com
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