First Solar, the US-based manufacturer of cadmium telluride (CdTe) thin-film modules, has announced a significant agreement with renewable energy developer Swift Current Energy. Under the agreement, First Solar will supply Swift Current Energy with 500 gigawatts (GW) of thin-film CdTe Series 7 modules, with delivery scheduled between 2027 and 2028.
This collaboration marks a substantial expansion of the partnership, as Swift Current Energy had previously ordered 2GW of thin-film modules for delivery between 2025 and 2026 in October 2022. Additionally, in January 2022, the company ordered 1.2GW of thin-film modules for delivery between 2023 and 2024.
Eric Lammers, co-founder and CEO of Swift Current Energy, emphasized the importance of this latest agreement with First Solar. He highlighted the role it plays in building a resilient and competitive value chain while supporting investments in domestic manufacturing, with associated benefits in terms of job creation and economic growth.
Swift Current Energy has a strong track record, having successfully commercialized more than 2.5GW of renewable energy projects. The company maintains a substantial project pipeline, boasting over 10GW of solar, wind, and energy storage projects. Currently, Swift Current Energy owns and operates 1.4GW of renewable energy projects that are either in operation or in advanced construction stages.
It's worth noting that the order was secured by First Solar before the release of its third-quarter financial results. During Q3, First Solar achieved a remarkable 14% increase in module production compared to the previous quarter, reaching a record production capacity of 3.2GW. This marked the seventh consecutive quarter of production capacity expansion.
Furthermore, the company has seen robust demand, securing an additional 6.8GW in net bookings since the second-quarter earnings call. As a result, the total net bookings for the year now stand at 27.8GW. First Solar has also reported a module backlog of 81.8GW, extending into 2030 as of the third quarter of 2023.
