First Solar Partners with Kiran Energy and Mahindra Solar One on 50 MWDC of PV Projects in Rajasthan

  First Solar Partners with Kiran Energy and Mahindra Solar One on 50 MWDC of
  PV Projects in Rajasthan

Business Wire

NEW DELHI -- October 08, 2012

First Solar, Inc. (Nasdaq: FSLR), Kiran Energy Solar Power Pvt. Ltd. and
Mahindra Solar One Pvt. Ltd. have completed an agreement for the supply of
First Solar’s advanced, thin-film solar modules for two solar photovoltaic
(PV) power plants totalling 50 megawatts [ ](MW) [ DC] to be constructed in
India’s Rajasthan state.

The two adjacent projects, which together will be one of India’s largest PV
installations upon completion, are part of the second batch of utility-scale
solar projects concluded under India’s Jawaharlal Nehru National Solar Mission
(NSM). The NSM aims to install 20,000 MW of new solar electricity generating
capacity by 2022.

First Solar will supply more than 585,000 of its advanced, thin-film solar
modules for the two projects of 30 MW[DC ]and 20 MW[DC]. Construction on both
projects is expected to begin this year and be completed in the first quarter
of 2013.

“First Solar looks forward to working with two leading companies like Kiran
and Mahindra Solar One to support India’s renewable energy goals, and we are
pleased they selected our technology as the best solution for the high ambient
temperatures and diffuse sunlight conditions here,” said Sujoy Ghosh, First
Solar’s India Country Head.

“This is a very exciting project for us,” said Pramoda Karkal, Chief Operating
Officer of Kiran Energy, “especially so because Kiran Energy, as well as our
joint venture, Mahindra Solar One, will own the largest solar power plant
aggregation in a single location in India. We are also very happy about our
partnership with First Solar, which is providing its world-class PV
technology. This will enable us to create a high-quality solar plant that
could rank among the best in the country in terms of quality, uptime and
output,” he said.

Together, the side-by-side projects are expected to produce an average of more
than 85,000 megawatt-hours of clean electricity per year, equivalent to the
annual electricity needs of more than 97,000 average Indian households, and
displace more than 80,000 metric tons of CO[2] per year based on the national
averages.

First Solar has cumulatively produced approximately 80 million of its
advanced, thin-film solar modules, which represents a peak generating capacity
of more than six gigawatts, enough to power more than 3.3 million homes and
displace about four million tons of CO[2] per year.

About First Solar

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.

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.

About Kiran Energy

Kiran Energy is dedicated to developing on-grid and off-grid solar power
projects in India and becoming one of India’s leading clean energy utilities.
Kiran Energy has a total of 75 mws under operation / construction and has a
sizeable pipeline of solar PV projects in India. Kiran Energy, a
professionally managed company and backed by credible Clean Energy Private
Equity Investors is based in Mumbai.

About Mahindra Solar One

Mahindra Solar One, a joint venture between Kiran Energy and Mahindra.
Mahindra Solar One was one of the first companies to connect its first 5
megawatt JNNSM (Jawaharlal Nehru National Solar Mission) project supported by
non-recourse rupee financing for its projects.
www.mahindra.com/What-We-Do/Energy/Companies/Mahindra-Solar-One.

Contact:

Genesis Burson-Marsteller for First Solar
Aakash Aggarwal/Gitanjali Sabikhi
+91 9711209240 / +91 9873700674
aakash.aggarwal@bm.com or gitanjali.sabikhi@bm.com
or
Kiran
Ms. Mehak Khear
+ 91 9867233440
mkhear@kiranenergy.com
or
First Solar
Brandon Mitchener
+32 (2) 233-1113
media@firstsolar.com
or
First Solar Investors
David Brady
+1 (602) 414-9315
dbrady@firstsolar.com
Ryan Ferguson
rferguson@firstsolar.com
Ora Crossley
ocrossley@firstsolar.com