Shares in First Solar, Inc.(NASDAQ:FSLR) rose another 2
percent in early deals on Wednesday following 5% gain in the previous trading
session on news filtered into the market that Pacific Gas & Electric Co
would buy the electricity generated by two of First Solar's plants in
California.
First Solar is developing the two new solar farms that
will have a combined generating capacity of 72 megawatts.
Both the projects together are expected to create
about 600 jobs during the busy construction season and also generate enough
electricity for 24,000 houses in California. This would offset approximately
45,000 metric tons of carbon dioxide annually--the equivalent of taking about
8,900 cars off the road each year.
Has FSLR Found
The Bottom And Ready To Move Higher? Find Out Here
Project construction could start in 2013 as soon as
the development process is complete, depending on plans of the projects'
eventual owners.
"We are very pleased to add these projects to
PG&E's solar portfolio, helping it and California reach their renewable
energy goals," said Brian Kunz, First Solar Vice President of Project
Development. "Grid-friendly utility-scale power plants from First Solar
are readily integrated into the electrical infrastructure."
The power purchase agreements--each with a delivery
term beginning in 2019--are subject to approval by the California Public
Utilities Commission, whose decision is expected in the first half of 2013.
Yesterday, Shares of First Solar rose to $21.86, a
gain of 5.15 percent, in morning trading. The company's shares plummeted from a
high of $93.64 in September of 2011 to $11.77 on June 1, 2012. First Solar's
shares set a more recent high of $25.70 on August 28.
No comments:
Post a Comment