Key Developments: First Solar Inc (FSLR.O)

FSLR.O on Nasdaq

63.43USD
11 Jul 2014
Price Change (% chg)

$-0.24 (-0.38%)
Prev Close
$63.67
Open
$64.03
Day's High
$64.40
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$62.23
Volume
2,711,955
Avg. Vol
3,071,855
52-wk High
$74.84
52-wk Low
$35.59

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Latest Key Developments (Source: Significant Developments)

First Solar Inc To Build 250MW Power Plant In California For Nextera Energy Resources
Wednesday, 16 Oct 2013 08:00am EDT 

First Solar Inc announced that it has entered into an agreement to construct a 250 megawatt (MW)AC solar power plant in Riverside County, California, for a subsidiary of NextEra Energy Resources, LLC. The McCoy Solar Energy Project will be located on approximately 2,300 acres of mostly public land provided by the Bureau of Land Management (BLM) approximately 13 miles northwest of Blythe, California. Under the agreement, First Solar will provide Engineering, Procurement and Construction services, using First Solar`s cadmium telluride (CdTe) photovoltaic thin-film modules. The project is located near the 550MWAC Desert Sunlight Solar Farm, jointly owned by a subsidiary of NextEra, GE Energy Financial Services, and Sumitomo Corporation of America, currently under construction by First Solar. An affiliate of NextEra Energy Resources also previously purchased two projects built by First Solar in Canada. Construction is expected to begin in late 2014, with completion in late 2016. The project will provide up to 400 construction jobs at peak operation.  Full Article

First Solar Inc Acquires 250MW Moapa Project In Nevada From K Road Power
Thursday, 26 Sep 2013 08:00am EDT 

First Solar, Inc and K Road Power Holdings LLC announced today that First Solar has acquired from K Road the 250 megawatt (MW)AC photovoltaic Moapa Solar Project in Nevada. The Moapa Solar Project, located on the Moapa River Indian Reservation in Clark County, northeast of Las Vegas, Nevada. The project is in an advanced stage of development, and has in place a 25-year Power Purchase Agreement (PPA) with the Los Angeles Department of Water and Power (LADWP).  Full Article

First Solar Inc Signs Contract For Lost Hills PPA
Tuesday, 20 Aug 2013 08:00am EDT 

First Solar, Inc. announced that they have signed a power purchase agreement (PPA) for 32MWAC of solar electricity to be generated at the Lost Hills photovoltaic power plant that First Solar is developing and will construct in Kern County, California. The 10-year PPA is First Solar's first such agreement with a municipal utility, and is effective in 2015. The PPA was approved by the Roseville City Council on July 17, 2013. The Lost Hills project construction could start in early 2014, and is expected to create up to 200 jobs at its peak.  Full Article

First Solar Inc Acquires US And Mexico Portfolio From Element Power-DJ
Tuesday, 6 Aug 2013 04:08pm EDT 

Dow Jones reported that First Solar Inc has acquired a pipeline of U.S. and Mexico development assets from Element Power. The 1.5 GW pipeline includes geographically diverse projects in various stages of development. Terms of the deal were not disclosed. Included in the pipeline are projects in California, Arizona, Texas, Georgia, North Carolina, Colorado, Louisiana and Illinois. The projects are competitively positioned in their respective markets and have secured site options and interconnect queue positions, and are at various stages of environmental screening and permitting.  Full Article

First Solar Inc Lowers FY 2013 Guidance
Tuesday, 6 Aug 2013 04:04pm EDT 

First Solar Inc announced that for fiscal 2013, it expects net sales of $3.6 billion and $3.8 billion, as compared to previous range of $3.8 and $4.0 billion, diluted earnings per share (EPS) is expected to be between $3.75 to $4.25, as compared to previous range of $4.00 and $4.50, and consolidated operating income is expected to be between $405 million and $435 million, as compared to previous range of $430 million and $460 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $3.8 billion, EBIT of $436 million and EPS of $4.13 for fiscal 2013.  Full Article

First Solar Inc To Build New Mexico Solar Projects Totaling 23MW For PNM
Wednesday, 24 Jul 2013 08:25am EDT 

First Solar Inc announced an agreement with Public Service Company of New Mexico (PNM) to construct three solar power plants totaling 23 megawatts (MW)AC of generating capacity. Under the agreement, First Solar is expected to provide engineering, procurement and construction (EPC) services, using its advanced thin-film photovoltaic (PV) modules. PNM is the electrical provider in New Mexico, serving more than 500,000 customers in dozens of communities across the state.  Full Article

First Solar Inc Announces Pricing Of Common Stock Offering
Wednesday, 12 Jun 2013 09:17pm EDT 

First Solar Inc announced the pricing of an underwritten public offering of 8,500,000 shares of its common stock at a price of $46.00 per share. Closing of the offering is expected to occur on June 18, 2013, subject to customary closing conditions. In addition, First Solar has granted the underwriters a 30-day option to purchase up to 1,275,000 shares of common stock. First Solar intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new geographies. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering. Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs & Co. are also acting as book-running managers for the offering. Lazard Frères & Co. LLC acted as financial advisor to First Solar.  Full Article

First Solar Inc Announces Public Offering of Common Stock
Tuesday, 11 Jun 2013 04:51pm EDT 

First Solar Inc announced the commencement of an underwritten public offering of 8,500,000 shares of its common stock. In addition, First Solar will grant the underwriters a 30-day option to purchase up to 1,275,000 shares of common stock. First Solar intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new geographies. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering. Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs & Co. are also acting as book-running managers for the offering.  Full Article

First Solar Inc Reaffirms FY 2013 Guidance
Monday, 6 May 2013 04:05pm EDT 

First Solar Inc reaffirmed its fiscal 2013 financial guidance. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $3.8 billion, EBIT of $424 million and EPS of $4.27 for fiscal 2013.  Full Article

Renewable Energy Corp ASA's Joint Venture Sells North Star Project to First Solar Inc
Wednesday, 10 Apr 2013 02:40am EDT 

Renewable Energy Corp ASA (REC) announced that NorthLight Power, a joint venture 60%-owned by REC and 40% by Summit Power Group, LLC, announced the sale of the 60 MWAC North Star project in Fresno County, California, the United States to First Solar Inc. The sale is in line with the strategy of NorthLight Power, which is to focus on the initial development phase of solar power plants. Terms of the transaction were not disclosed. Construction of the North Star solar power plant is expected to start in 2014 and to be completed in 2015. When fully operational, it will produce enough clean, renewable electricity to power over 21,000 average California homes while displacing approximately 39,000 metric tons of carbon dioxide (CO2) per year. The North Star project is located near the city of Mendota and has a 20-year power purchase agreement with Pacific Gas and Electric Company.  Full Article

First Solar raises full-year profit outlook, shares rise

- First Solar Inc increased its full-year earnings forecast as its quarterly profit nearly doubled, helped by higher sales and a fall in operating expenses.

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