Jun 30, 2011
First Solar Inc (NASDAQ:FSLR) is trading up big today after it was reported that the world's largest manufacturer of thin-film solar modules had won $4.5 billion in conditional loan guarantees from the Department of Energy for three California projects.
The company's Topaz and Desert Sunlight projects, which will have 550 megawatts of capacity each, and its 230-megawatt Solar Ranch project, were each offered low-cost financing needed for construction to commence, the agency said today in an e-mailed statement.
The agency must distribute all of the funds authorized for the loan guarantee program before it expires at the end of September. The agency has offered conditional loans or loan guarantees for 40 clean energy products totaling $38 billion, including $16 billion for solar energy.
First Solar said the construction projects approved today will add 1,400 jobs and that all of the 20 million plus cadmium telluride glass panels used in the projects will be manufactured at its plants in Ohio and in Arizona.
Shares of First Solar are trading up 6.3% at $137.57.
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