A long-time customer of First Solar, Intersect Power is expected to be one of the largest buyers and operators of First Solar technology by 2027.
From pv magazine USA
First Solar, a US-based solar manufacturer, has entered into a supply agreement with Intersect Power for 2.4 GW of its thin-film photovoltaic solar modules. The modules are scheduled to be delivered from 2024 to 2026, making Intersect Power, which previously placed orders for a total of 4.1 GW, in 2019 and 2021, one of the world’s largest buyers and operators of First Solar’s modules with approximately 6.4 GW expected to be by 2027.
Founded in 2016, Intersect Power is involved in all phases of development, design, engineering, finance, and operations. Last year the company secured $127 million in equity funding from Climate Adaptive Infrastructure and Trilantic North America to accelerate the company’s move to become a scalable provider of electric power for utilities and large end-users. Intersect also closed on a $482 million debt facility with Generate Capital and CarVal Investors.
Intersect Power has more than 8.5 GW pipeline that includes a base portfolio of 2.2 GW of solar and 1.4 GWh of co-located storage that will be in operation by 2023. One of Intersect Power’s largest projects, which uses First Solar modules, is the 425 MW Juno solar facility in Borden County, Texas. The project has two long-term power purchase agreements, one for a portion of the project output with the Lower Colorado River Authority and the other with an undisclosed off-taker.
“Intersect Power’s ongoing relationship with First Solar has been critical in rapidly scaling our business to meet our vision and reliably deliver our customers value and performance to support their decarbonization goals,” said Sheldon Kimber, chief executive officer, Intersect Power. “We look forward to bringing this large-scale portfolio to operation, and creating good-paying, American jobs in both construction and manufacturing with First Solar’s domestically-produced modules.”
The modules procured through the recent supply agreement will be in Intersect Power’s solar, storage, and green hydrogen projects coming online across the United States in 2025 through 2027. A large proportion of the modules are expected to be produced in First Solar’s Ohio manufacturing facility. .
First Solar reports that its modules have a carbon footprint that is 2.5 times lower and a water footprint that is three times lower than the average crystalline silicon solar panel made with cells produced in China. The company operates a recycling program in the United States as well as in Germany, Malaysia and Vietnam.
The program recovers approximately 90% of Cadmium Telluride (CdTe) semiconductor material that can be used to manufacture new modules, as well as other materials including aluminum, glass, and laminates. First Solar is reported to be the only company among the ten largest solar manufacturers globally to be a member of the Responsible Business Alliance, the world’s largest industry dedicated to supporting the rights and well-being of workers and communities in the global supply chain.
“Intersect Power sets an important example by maximizing the impact of its investments on the US economy without compromising on competitiveness,” said Georges Antoun, chief commercial officer, First Solar. “By powering its growth with American solar, Intersect Power is directly supporting US manufacturing and jobs and enabling a durable domestic supply chain. It is also demonstrating the ability of American solar technology not just to compete, but to help drive our country’s transition to a sustainable energy future.”
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