Key Developments: First Solar Inc (FSLR.OQ)
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Latest Key Developments (Source: Significant Developments)
First Solar Inc To Build New Mexico Solar Projects Totaling 23MW For PNM
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
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
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
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
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 Inc to Acquire TetraSun
First Solar Inc announced it is acquiring TetraSun, a solar photovoltaic (PV) technology startup which has developed a break-through cell architecture capable of conversion efficiencies exceeding 21% with commercial-scale manufacturing costs comparable to conventional multicrystalline silicon solar cells. First Solar signed a definitive agreement to acquire TetraSun from JX Nippon Oil & Energy Corporation and other investors, including TetraSun management. Terms of the transaction, which is expected to close in the second quarter of 2013, were not disclosed. First Solar and JX Nippon Oil & Energy also have entered into discussions on an agreement to distribute the technology in Japan. First Solar announced it is acquiring TetraSun, which has developed a break-through cell architecture capable of conversion efficiencies exceeding 21% with commercial-scale manufacturing costs comparable to conventional multicrystalline silicon solar cells. All fourteen of TetraSun`s associates will join First Solar and continue to be based in San Jose, Calif. Full Article
First Solar Inc Issues FY 2013 Guidance Above Analysts' Estimates
First Solar Inc announced that for fiscal 2013, it expects net sales of $3.8 and $4.0 billion, including approximately $3.6 billion in net sales from systems sales, diluted earnings per share (EPS) is expected to be between $4.00 and $4.50, and consolidated operating income is expected to be between $430 and $460 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $3.1 billion, EBIT of $365 million and EPS of $3.51 for fiscal 2013. . Full Article
First Solar Inc Issues Q1 2013 Guidance; Revenue Guidance Below Analysts' Estimates
First Solar Inc announced that for first quarter of 2013, it expects net sales of $650 to $750 million, operating income of $70 to $100 million and EPS of $0.70 to $0.90 per fully diluted share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $827 million, EBIT of $91 million and EPS of $0.89 for first quarter of 2013. Full Article
First Solar Inc Fundación Chile Announces Acquisition Chilean Project Developer Solar Chile
First Solar Inc and Fundación Chile announced that First Solar has acquired Solar Chile, a Santiago-based solar development company in which Fundación Chile was an early investor. This culminates a strategic working alliance the two companies formed in October 2011. Terms of the transaction were not disclosed. Full Article
First Solar Inc Lowers FY 2012 Revenue Guidance; Raises Low End Of Prior FY 2012 EPS Guidance To A Range In Line With Analysts' Estimates
First Solar Inc announced that for fiscal 2012, it expects net sales of $3.5 to $3.8 billion, compared to prior guidance of $3.6 to $3.9 billion and non-GAAP earnings per fully diluted share (EPS) of $4.40 to $4.70, compared to prior guidance of $4.20 to $4.70. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $3.7 billion and EPS of $4.43 for fiscal 2012. Full Article
COLUMN-Solar market shift threatens western producers: Gerard Wynn
LONDON, May 9 - U.S. solar module maker and project developer First Solar illustrates wider industry efforts to secure new markets in a shift away from the United States and Europe.

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