Under the terms of the JV – which is subject to approval from the relevant governmental merger control authorities – First Solar will supply its advanced thin-film modules, selected components such as the First Solar Tracker and value-added services; while BELECTRIC will provide its advanced Balance of Systems (BoS) and a range of service capabilities. Both companies’ engineering, procurement and construction (EPC) contributions will vary by project and geography. The JV’s emphasis on the sub-20MW segment in the United States will include BELECTRIC’s existing 280MWp pipeline in the country, along with other opportunities. The non-exclusive agreement will also allow both companies to independently and competitively pursue development prospects and corresponding EPC work.
The announcement is the latest milestone in a longstanding partnership that spans over a decade: the two companies recently marked the inauguration of the 128MWp Templin solar power plant in Germany, the largest deployment of First Solar modules in Europe. An estimated 80% of the 1,400 MWp of solar electricity generation capacity installed by BELECTRIC, is powered by First Solar modules.
“With its industry-leading capabilities, this joint venture will ensure that our individual project obligations are delivered to the highest standards,” said Jim Hughes, First Solar’s Chief Executive Officer. “First Solar and BELECTRIC share a long history of excellence and we are confident about the future of this initiative, which is based on a firm foundation of mutual trust, expertise and a track record that is unrivalled in the solar energy industry.”
As a vertically integrated solar energy company, First Solar has been leading the charge towards affordable, reliable and accessible solar electricity on a global scale. Today, the company is the world’s leading provider of comprehensive photovoltaic (PV) energy solutions, with a pipeline of over 3 Gigawatts (GW) of contracted solar power plants and over 7GW installed worldwide. A global market leader, First Solar’s commercial footprint spans six continents, with manufacturing facilities in the US and Malaysia.
“We are happy to celebrate this important new milestone in our long-term partnership with First Solar,” said Bernhard Beck, Chief Executive Officer of BELECTRIC Holding. “By joining forces to create a world-class project delivery platform, we hope to strengthen both companies’ relationships with key stakeholders including project developers and investors at a time when prices of electricity from solar power plants can already compete with the prices for conventionally generated electricity in a growing number of regions.”
BELECTRIC is a technology leader in the development and construction of utility-scale ground-mounted solar power plants and roof-mounted photovoltaic systems. With a presence in more than 20 countries and a global pipeline of 5GWp in different stages of development, the company’s high degree of vertical integration in its development and manufacturing processes has led to it being recognized as an industry leader.