Friday, June 3, 2011

GE Achieves Highest Publicly Reported Efficiency for Thin Film Solar, Earns New Orders and Unveils Plans to Build US Manufacturing Plant
On April 7, 2011 GE (NYSE: GE) announced that a full-size, thin film solar panel developed by the company has been independently certified as the most efficient ever publicly reported milestone for the technology. GE intends to manufacture the record-setting solar panels at a new U.S. factory that will be larger than any existing solar panel factory in the country today. When complete, the factory will highlight an expected $600 million plus investment made by GE in solar technology and commercialization and will be complemented by the recently announced acquisition of power conversion company Converteam.

In addition, GE has completed the acquisition of PrimeStar Solar, Inc., a thin film solar technology company in which GE has held a majority equity stake since 2008. Photovoltaic solar is the next step in growing GE’s renewable energy portfolio and is part of the company’s ecomagination commitment to drive clean energy technology through innovation and R&D investment.
Global demand for photovoltaics is expected to grow by 75 gigawatts over the next five years, with utility-scale solar power plants making up a significant part of that growth. With the technology and manufacturing investments recently announced, GE is well positioned to capitalize on this trend.

The record-setting panel was produced on the PrimeStar 30-megawatt manufacturing line in Arvada, Colo. It was measured by the National Renewable Energy Lab (NREL) at a 12.8 percent aperture area efficiency. This panel surpasses all previously published records for CdTe thin film, which is the most affordable solar technology in the industry. Continually increasing solar panel efficiency is a key component of GE’s goal to offer advanced solar products while reducing the total cost of electricity for utilities and consumers. In fact, a 1 percent increase in efficiency is equal to an approximate 10 percent decrease in system cost.
GE plans to build an advanced technology thin film solar panel factory in the United States that, at capacity, will produce enough panels per year to power 80,000 homes annually. The 400-megawatt facility will be larger than any U.S. solar panel manufacturing plant in operation today and will employ 400 people. Multiple locations are being considered for the new facility, with the final location to be announced shortly.
GE also announced more than 100 megawatts of new commercial agreements for solar thin film products, including panels, inverters and total solar power plants. GE’s largest solar agreement to date is with NextEra Energy for 60 megawatts of thin film solar panels. Once deployed, the panels will help grow NextEra’s solar power portfolio, solidifying the company’s position as the largest generator of solar energy in the country today. NextEra also currently produces 4.5 gigawatts of renewable energy with GE’s wind turbines.
GE also has signed a 20-megawatt solar agreement with Invenergy for the supply of thin film solar panels and GE Brilliance inverters. Invenergy, a Chicago-based clean energy generation company, will install the solar products at a project site in Illinois. Invenergy recently executed a power purchase agreement for the project, which upon completion will be one of the largest solar installations in the state.
In addition to thin film solar panels, GE offers power electronics and pre-designed utility scale solar power plants for use in multi-megawatt applications. The recently proposed $3.2 billion acquisition of Converteam will add the company’s energy conversion technologies to GE’s solar offerings, further broadening GE’s portfolio.

Power electronics are critical to bringing renewable sources such as wind and solar into the mainstream, delivering economies of scale and providing stable connection to the grid. By adding Converteam technology, GE is well positioned to bring a broad range of integrated generators, converters and inverters to the wind turbine and solar plant sectors.
Press Release dated April 7, 2011

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