First Solar to Power Zorlu Enerji’s 100MW Solar Power Plant in Pakistan

December 19, 2017

First utility-scale project in Pakistan to be powered by First Solar’s
high-performance thin film modules

TEMPE, Ariz. & ISTANBUL–(BUSINESS WIRE)–First
Solar, Inc. (Nasdaq: FSLR) today announced that it is supplying over
860,000 high-performance thin film modules to power a 100 megawatt (MW)AC
utility-scale photovoltaic (PV) solar power plant developed by
Zorlu Enerji in Pakistan. The Independent Power Producer (IPP) facility,
part of the Quaid-e-Azam Solar Park in the country’s Punjab province, is
expected to be completed and connected to the electricity grid by the
first half of 2018.

When completed, the plant will increase Zorlu Enerji’s installed
capacity in the country to 156.4MW, a portfolio that includes a 56.4MW
wind farm completed in 2013. The facility will generate an estimated 180
million kilowatt-hours of electricity per year – sufficient to power
approximately 140,000 average homes – for Pakistan’s Central Power
Purchasing Agency, under a 25-year Power Purchase Agreement (PPA).

“We are confident that First Solar’s advanced PV modules will thrive in
Bahawalpur’s desert conditions, delivering over eight percent more
energy than conventional crystalline-silicon panels, and enabling our
successful bid for a PPA,” said Sinan Ak, Chief Executive Officer of
Zorlu Enerji. “We are also confident that we will set a new benchmark
for solar energy in Pakistan, replicating the standards we set with our
award-winning Jhimpir wind power plant. There is no doubt in my mind
that this project will be a new milestone for the development of
utility-scale solar in the country.”

“This project is part of a pivotal move by Pakistan to secure its energy
independence by harnessing its solar resource, and we are proud to be
playing an enabling role,” said Stefan Degener, First Solar’s Head of
Business Development for Europe and Africa.

In February this year, First Solar and Zorlu Holding signed a
collaborative sales agreement under which Zorlu Solar became a major
distributor of First Solar’s modules in Turkey, Afghanistan, Albania,
Bosnia, Bulgaria, Cyprus, Georgia, Kosovo, Macedonia, Pakistan, Romania,
Serbia, Turkmenistan, the Ukraine, and the Commonwealth of Independent
States. In addition to selling PV modules in these markets, Zorlu Solar
is undertaking its own project development activity, powering its
successful projects with First Solar technology.

“This deal demonstrates Zorlu Group’s ability to enable our sales
strategy by expanding First Solar’s installed capacity well beyond our
existing markets. It also proves that our high-performance technology
and Zorlu Group’s commercial expertise makes for a winning combination
in any of the 26 markets covered by our agreement,” Degener added.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced module and system technology.
The company’s integrated power plant solutions deliver an economically
attractive alternative to fossil-fuel electricity generation today. From
raw material sourcing through end-of-life module recycling, First
Solar’s renewable energy systems protect and enhance the environment.
For more information about First Solar, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant
to safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements, among
other things, concerning: effects on our financial statements and
guidance resulting from certain module manufacturing changes and
associated restructuring activities; our business strategy, including
anticipated trends and developments in and management plans for our
business and the markets in which we operate; future financial results,
operating results, revenues, gross margin, operating expenses, products,
projected costs (including estimated future module collection and
recycling costs), warranties, solar module technology and cost reduction
roadmaps, restructuring, product reliability, investments in
unconsolidated affiliates and capital expenditures; our ability to
continue to reduce the cost per watt of our solar modules; the impact of
public policies, such as tariffs or other trade remedies imposed on
solar cells and modules; our ability to expand manufacturing capacity
worldwide; our ability to reduce the costs to construct PV solar power
systems; research and development programs and our ability to improve
the conversion efficiency of our solar modules; sales and marketing
initiatives; and competition. These forward-looking statements are often
characterized by the use of words such as "estimate," "expect,"
"anticipate," "project," "plan," "intend," "seek," "believe,"
"forecast," "foresee," "likely," "may," "should," "goal," "target,"
"might," "will," "could," "predict," "continue" and the negative or
plural of these words and other comparable terminology. Forward-looking
statements are only predictions based on our current expectations and
our projections about future events. You should not place undue reliance
on these forward-looking statements. We undertake no obligation to
update any of these forward-looking statements for any reason. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ materially
from those expressed or implied by these statements. These factors
include, but are not limited to, the matters discussed in Item 1A "Risk
Factors," of our most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and other filings with the Securities and Exchange
Commission.