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

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

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Contacts

First Solar Media
Reuven Proença
+971 (0)4 4559 410
[email protected]
or
First
Solar Investors
Stephen Haymore
+1 602-414-9315
[email protected]