Shares of First Solar Inc. (NASDAQ: FSLR), a manufacturer and seller of solar modules with an advanced thin-film semiconductor technology, are surging in early trading today after the Los Angeles County Department of Public Works reached an agreement with the company on the installation of solar modules at the Solar Ranch One photovoltaic (PV) power plant. The plant is currently under construction in the Antelope Valley.
FSLR said that the agreement with LA County allows it to continue with the construction of the 230-megawatt power plant. On completion, which is expected in 2013, the plant will generate electricity to power 75,000 homes.
Dennis Hunter, Deputy Director of County Public Works, noted that the department was in charge of making sure that all applicable building codes were met by FSLR’s project in order to protect the health and safety of county residents. Hunter said that the department is confident now with FSLR’s ability to meet the health and safety requirements.
Jim Lamon, Senior Vice President at First Solar, said that as the first utility-scale solar PV project in Los Angeles County, this was the county’s first opportunity to apply its codes to a facility of this magnitude, which required significant time and effort for everyone involved. Lamon said that after a very collaborative process, FSLR is confident it has the county’s support to keep the project moving to completion and that is process has paved the way for future projects in the region.
FSLR shares rose to an intra-day high of $16.42 today. At last check, the stock was trading 8.67% higher at $15.80 on volume of 4.80 million. Year-to-date, the stock is still down more than 50%.
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