In a significant move towards sustainable energy solutions, Matrix Renewables, the TPG Rise-backed global renewable energy platform, has signed a framework agreement with First Solar, Inc. (NASDAQ: FSLR) to procure around 2.1 gigawatts (GWDC) of advanced thin film modules. The partnership, announced today, marks Matrix Renewables’ first order for First Solar’s responsibly produced ultra-low carbon photovoltaic (PV) technology. The advanced thin film modules, with delivery scheduled between 2024 and 2027, are slated to power Matrix projects in both the US and Spain.
Matrix Renewables already boasts more than 6 GW of projects in different stages of development across regions such as CAISO, MISO, ERCOT, and WECC in the US. Additionally, with its presence in Spain, Italy, and Chile, Matrix’s global footprint already exceeds 13 GW of solar power, battery storage, and green hydrogen projects.
Luis Sabate, President at Matrix, emphasized the company’s commitment to environmental, social, and governance standards, stating, “As a purpose-driven company, and as part of our supply chain strategy of partnering with technology market leaders, we are thrilled to be working with First Solar to supply our projects in the US market, and a number of our Spanish projects, with responsibly produced ultra-low carbon PV modules and setting the bar for environmental, social, and governance standards in solar manufacturing and sourcing. With this deal, we’re getting access to solar technology without compromising on competitiveness or performance. We are proud of the role that our procurement standards play in driving change in the industry value chain, and the size of this deal demonstrates the strength of our commitment.”
First Solar’s advanced thin-film photovoltaic modules are known for their quality, durability, reliability, and environmental performance, setting industry benchmarks. They have the lowest carbon and water footprint among commercially available PV modules today and are the first PV manufacturer to be included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics.
Moreover, First Solar ensures its supply chain adheres to the highest ethical standards, eliminating the risk of forced labor exposure. First Solar’s advanced thin film semiconductor, integrated manufacturing process, and strict supply chain controls mitigate the risk of exposure to solar supply chains involved in forced labor, as highlighted by the US Department of Labor’s 2022 List of Goods Produced by Child Labor or Forced Labor. The company is the only one among the world’s ten largest solar manufacturers to be a member of the Responsible Business Alliance (RBA), a leading industry coalition dedicated to supporting workers’ and communities’ rights and well-being in the global supply chain. First Solar maintains a zero-tolerance policy for forced labor in both its manufacturing and supply chains.
Georges Antoun, Chief Commercial Officer at First Solar, highlighted the alignment of values between the two companies, commenting, “Matrix is the latest in a number of large IPPs, in the US and internationally, that are choosing to partner with First Solar not just on the strength of our technology and competitiveness, but also because we share the same values. This latest order underscores our belief that a growing number of developers are recognizing the value of Responsible Solar and of working with a partner that delivers on its commitments. We thank Matrix for its trust and look forward to growing this relationship.”
As part of its expansion plans, First Solar is investing approximately $1.3 billion to increase its US manufacturing capacity from over 6.5 GWDC of annual nameplate capacity currently to about 10.9 GWDC by 2026. The investment includes $1.1 billion in a new 3.5 GWDC facility in Alabama and a $185 million expansion of its existing manufacturing footprint in Ohio. Additionally, First Solar has committed up to $370 million for a dedicated research and development (R&D) innovation center in Perrysburg, Ohio, expected to be completed in 2024.
