HOUSTON, November 4th (Argus) - Due to a significant increase in sales in the third quarter, the US solar module manufacturer First Solar plans to establish another manufacturing plant in the US.
The company stated during its earnings call for the third quarter that the new plant will be operational by the end of 2026 and will start production in the first half of 2027.
The company expects strong demand for solar energy and hopes to expand its domestic production capacity, so it plans to build this facility.
The company reported that the module sales volume in the third quarter reached a record 5.3 GW, higher than 3 GW in the same period last year. The sales in the third quarter increased by 80% year-on-year to $1.6 billion, and the company attributed this to the increase in the number of sales to third parties.
First Solar lowered its 2025 sales forecast from 16.7 GW - 19.3 GW to 16.7 GW - 17.4 GW, citing the company's termination of the 6.6 GW order with BP Solar and the supply chain disruption at its Alabama plant.
The company's module production in the third quarter was 3.6 GW, lower than 3.8 GW in the same period of 2024.
Of the 3.6 GW of modules produced, 2.5 GW were produced in its US factory. Due to a temporary shortage of glass supply, the factory in Alabama of the company produced less than expected in the third quarter.
The company's CEO Mark Widmar said that the production operation and the start-up of factory qualifications at the company's factory in Louisiana "were slightly higher than expected". The company expects to start shipping from this factory in the fourth quarter.
The company reduced production in Malaysia and Vietnam because the termination of the BP Solar order led to a decline in demand.
As of the end of this quarter, First Solar's contract backlog was 53.7 GW, and the company valued it at $16.4 billion.
The company's profit for this quarter increased to $456 million, a 33% increase from the same period last year.
