First Solar Inc. and SolarCity Corp. have entered into a five-year agreement whereby First Solar will supply 100 MW of its thin-film solar modules to SolarCity. The agreement marks First Solar's entrance into the U.S. residential segment.
Pursuant to the agreement, First Solar will begin delivering modules to SolarCity in the first quarter of 2009. First Solar will also make a $25 million equity investment in SolarCity – part of a $30 million round of financing that will fund SolarCity's continued U.S. expansion.
‘Our relationship with First Solar will enable us to deliver affordable solar power to a wider market of residential and small commercial customers,’ says Lyndon Rive, CEO of SolarCity. ‘We believe that together, SolarCity and First Solar are uniquely capable of making solar power competitive.’
SOURCE: First Solar