First Solar (NASDAQ: FSLR) to Build Dubai Facility

Brian Hicks

Written By Brian Hicks

Posted October 19, 2012

First Solar (NASDAQ: FSLR) continues to make gains. Recently, it won a contract from the Dubai Electricity and Water Authority (DEWA) to develop a 13-MW solar PV plant in Seih Al Dahal (south of Dubai).

First Solar will not only provide all engineering and development services; it will also provide its highly advanced thin-film solar photovoltaic modules.

This plant is but the first step in the hugely ambitious (AED 12 billion) Mohammad Bin Rashid Al Maktoum Solar Park, which will cover 48 square kilometers (roughly 18.5 square miles) and generate 1,000 MW of solar power via photovoltaic and thermal technology.

From Bloomberg:

“The PV plant installation is a key step in the implementation of the energy diversification strategy adopted by the Supreme Council of Energy, in which solar energy is set to become part of Dubai’s energy portfolio. The strategy is based on Dubai’s growing energy requirements and aims to maintain security of supply in the Emirate of Dubai,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

When the facility is complete, it will produce in excess of 22 million kWh of power per year—that’s enough for around 500 households. It would also displace over 14,000 metric tons of polluting CO2 each year, comparable to taking 1,600 cars off roads each year according to Bloomberg.

First Solar just recently set up shop in Dubai and is establishing its presence in Saudi Arabia too. The Dubai solar park project is managed and run by the Dubai Electricity and Water Authority.

First Solar has been among the success stories of the solar photovoltaic industry. The company produces comprehensive, integrated power solutions starting from raw material sourcing through depleted module collection and recycling.

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