MN8, founded as Goldman Sachs Renewable Power in 2017, owns and operates a 3.2 gigawatt (GW) portfolio, delivering renewable energy solutions to over 40 corporates, 70 government entities, and 20 utilities. MN8 previously transacted with First Solar in their acquisition of the 123 MW American Kings Solar project in California.
“We are pleased to continue our relationship with First Solar, building certainty and resilience into our development pipeline” said David Fernandez, chief operations officer, MN8. “By executing these agreements, MN8 demonstrates strong support for developing a robust domestic supply chain for the US renewable industry that upholds the highest environmental, sourcing, and manufacturing standards. Furthermore, we’re thrilled to be collaborating with a partner that shares our commitment to responsibly and domestically produced solar, strengthening our industry’s social license to operate.”
First Solar, which exited 2023 with 6 GW of annual US nameplate capacity, is the largest solar manufacturer in the western hemisphere. The company’s investments in US manufacturing are also believed to make it the most significant enabler of American jobs among solar manufacturers.
According to a recent study commissioned by First Solar, it supported an estimated 16,245 direct, indirect, and induced jobs in 2023, representing approximately $1.6 billion in annual labour income. As First Solar grows to an expected 14 GW in annual US nameplate capacity in 2026, it is forecast to support an estimated 30,060 direct, indirect, and induced jobs across the country, representing $2.8 billion in annual labour income. The study projects that every direct job First Solar supports in 2026 will support 7.3 jobs nationwide.
“MN8 joins a growing number of renewable energy companies that are choosing certainty, competitiveness, and Responsible Solar by choosing First Solar” added Georges Antoun, chief commercial officer, First Solar. “We thank MN8 for its trust and look forward to expanding this relationship.”
In addition to expanding its Ohio footprint to over 7 GW of annual nameplate capacity this year, First Solar expects to invest over $2 billion in new manufacturing facilities in Alabama and Louisiana, which are expected to come online in 2024 and 2025, respectively. Additionally, First Solar is on track to commission approximately $450 million in R&D innovation infrastructure in Perrysburg, Ohio, in the second half of this year.
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