First Solar Acquires 50 MWAC Macho Springs Project from Element Power Solar

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130131:nBw315290a

TEMPE, Ariz.--(Business Wire)--
First Solar, Inc. (Nasdaq: FSLR) and Element Power Solar today announced that
First Solar has acquired the 50-megawattAC (MW) Macho Springs Solar project that
Element Power Solar has developed in Luna County, N.M. When complete, it will be
the state`s largest solar power project.

The photovoltaic (PV) solar project is expected to be completed in 2014,
providing up to 400 construction jobs, and producing enough clean, renewable
energy to power over 18,000 homes while displacing 40,000 tons of CO2 per
year-the equivalent of taking 8,000 cars off the road. Terms of the transaction
were not disclosed.

The Macho Springs Solar project is located on land leased from the New Mexico
State Land Office, and electricity from the facility will be purchased by El
Paso Electric (NYSE: EE) under a power purchase agreement that is subject to
regulatory approvals, expected in the first half of 2013.

"We`re very excited to continue our work in New Mexico, increasing the state`s
utility-scale solar generation capacity," said Dana Diller, First Solar Vice
President of U.S. Business Development.

"Element Power is pleased to once again work with the State of New Mexico, Luna
County, the town of Deming and El Paso Electric to bring renewable energy and
economic development to the region. The sale of Macho Springs Solar to First
Solar is the result of a strong working relationship that draws on each
company`s strengths," said Raimund Grube, COO of Element Power.

"We look forward to working with First Solar on this very important renewable
energy project that will benefit all El Paso Electric customers," said Tom
Shockley, El Paso Electric Chief Executive Officer. "We also want to thank
Element Power Solar for its dedication and commitment to bringing this project
to fruition."

The Macho Springs project was the result of a Request for Proposal (RFP) by El
Paso Electric to include additional electric peaking resources in its current
energy mix.

First Solar will construct the Macho Springs facility using its advanced
thin-film PV modules. First Solar PV systems have the smallest carbon footprint
and shortest energy payback time of any PV technology on the market today.

First Solar completed New Mexico`s 30 MW Cimarron Solar facility in 2011, which
is owned by Southern Company and Turner Renewable Energy. First Solar also
completed 22 MW of solar projects in the state for PNM Resources, Inc. in 2011
and has been selected to build another 21.5 MW for PNM for expected completion
in late 2013.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV)
solar systems which use its advanced thin-film modules. 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 collection and recycling, First Solar`s renewable energy
systems protect and enhance the environment. For more information about First
Solar, please visit www.firstsolar.com.

About Element Power

Element Power develops, acquires, builds and operates utility-scale solar and
wind power projects, creating clean, renewable sources of energy to meet the
increasing demand for green electricity and to address the pressing challenges
of global warming and energy security. Element Power is owned by Hudson Clean
Energy Partners, a leading global private equity firm dedicated solely to
investing in renewable power, alternative fuels, and energy efficiency and
storage. Learn more at www.elpower.com.

For First Solar Investors

This release contains forward-looking statements which are made pursuant to the
safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.
The forward-looking statements in this release do not constitute guarantees of
future performance. Those statements involve a number of factors that could
cause actual results to differ materially, including risks associated with the
company's business involving the company's products, their development and
distribution, economic and competitive factors and the company's key strategic
relationships and other risks detailed in the company's filings with the
Securities and Exchange Commission. First Solar assumes no obligation to update
any forward-looking information contained in this press release or with respect
to the announcements described herein.

First Solar media
Alan Bernheimer
+1 415 935-2499
media@firstsolar.com
or
First Solar Investors
David Brady
+1 602 414-9315
dbrady@firstsolar.com
or
Ryan Ferguson
+1 602 414-9315
rferguson@firstsolar.com
or
Element Power
John Knight
Director of Development
503-416-0808

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