First Solar exec. chairman sells 1.5 mln shares

* Executive Chairman Michael Ahearn sells 1.5 mln shares

* CEO Rob Gillette buys 10,000 shares

* EVP TK Kallenbach buys 1,000 shares

NEW YORK, Feb 26 (Reuters) - First Solar Inc (FSLR.O) Executive Chairman Michael Ahearn sold 1.5 million shares in the company this week, the company said on Friday.

First Solar said the sale was part of Ahearn's plan to diversify his holdings and that he continues to hold more than 1.5 million shares in the company.

Chief Executive Rob Gillette purchased 10,000 shares in First Solar and Executive Vice President of Marketing and Product Management TK Kallenbach purchased 1,000 shares. Gillette and Kallenbach purchased the shares with personal funds.

All of the transactions were common stock and took place in the open market.

"First Solar's management team has confidence in the 2010 financial guidance we gave on Feb. 18 as well as the company's prospects for long-term growth," Gillette said in a statement.

First Solar is one of the world's largest producers of solar cells and modules, and the lowest-cost photovoltaic solar manufacturer. Earlier in February, the company posted higher-than-expected profit but disappointed investors with its narrowing profit margins and outlook.[ID:nN18198393]

The solar industry is struggling against planned cuts to German solar subsidies that could dramatically reduce demand. Germany is the world's largest market for solar energy. It is also First Solar's largest market. (Reporting by Clare Baldwin; Editing by Gary Hill)