First Solar 2 GW solar power plant in China

First Solar has announced a memorandum of understanding (MoU) with the Chinese government to build a 2 GW solar power plant in Ordos City, Inner Mongolia, China.

Phase one of the solar power plant will be a 30 MW demonstration project that will begin construction by June, 2010 and be completed as soon as practicable. Phases two, three and four will be 100 MW, 870 MW, and 1 GW. Phases two and three of the solar power plant will be completed in 2014 and Phase four will be completed by 2019.

“This major commitment to solar power is a direct result of the progressive energy policies being adopted in China to create a sustainable, long-term market for solar and a low carbon future for China,” First Solar CEO Mike Ahearn says.

“The Chinese feed-in tariff will be critical to this project,” Ahearn adds. “This type of forward-looking government policy is necessary to create a strong solar market and facilitate the construction of a project of this size, which in turn continues to drive the cost of solar electricity closer to ‘grid parity’ – where it is competitive with traditional energy sources.”

Labels: First Solar Inc, FSLR, Solar Stocks, solarstocks

posted by Ertai at 8:20 AM