Bloomberg News

First Solar Rises as Permit Resolved on Los Angeles Plant

June 22, 2012

First Solar Inc. (FSLR:US), the biggest maker of thin-film solar panels, climbed the most since June 12 after receiving permission to continue construction on a $1.36 billion power project in Los Angeles County.

First Solar had the biggest increase among the Standard & Poor’s 500 Index companies, rising (FSLR:US)9.2 percent to $15.88 at the close in New York. Shares of the Tempe, Arizona-based company have dropped 53 percent this year.

Construction of the Antelope Valley Solar Ranch One plant had been suspended during a permitting dispute with county officials over building codes, First Solar said today in a statement. The project is partially funded by a $646 million U.S. Energy Department loan guarantee and is expected to be complete next year.

First Solar sold the 230-megawatt Antelope Valley plant to Exelon Corp. (EXC:US) in September. The price was $75 million, according to a February filing from the solar company. The Chicago-based power company said it would invest as much as $713 million into the project.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • FSLR
    (First Solar Inc)
    • $51.52 USD
    • 0.48
    • 0.94%
  • EXC
    (Exelon Corp)
    • $35.69 USD
    • 0.51
    • 1.43%
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