Funds from the Department of Energy (DoE) for First Solar‘s 230 Megawatt Antelope project have started to flow in, easing concerns that the deal between First Solar and the purchaser Exelon Corp may fall apart.
The project had earlier run into trouble as the DoE refused to lend to the project because of issues in obtaining local permits. First Solar issued a warning that it could be forced to repurchase the project from Exelon if it failed to receive federal loan guarantees for the undertaking. (See: First Solar’s Solar Farm Deal Hits Regulatory Hurdle) The deal, valued around $1.36 billion, is expected to boost First Solar’s revenues from the 2nd quarter of this year. First Solar is concentrating on its systems business to drive revenues as its panels manufacturing business is facing severe competition from Chinese players such as Trina Solar.
We are looking to revise our $52.55 price estimate for First Solar, which is more than double its current market price.
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The project had earlier run into trouble as the DoE refused to lend to the project because of issues in obtaining local permits. First Solar issued a warning that it could be forced to repurchase the project from Exelon if it failed to receive federal loan guarantees for the undertaking. (See: First Solar’s Solar Farm Deal Hits Regulatory Hurdle) The deal, valued around $1.36 billion, is expected to boost First Solar’s revenues from the 2nd quarter of this year. First Solar is concentrating on its systems business to drive revenues as its panels manufacturing business is facing severe competition from Chinese players such as Trina Solar.
We are looking to revise our $52.55 price estimate for First Solar, which is more than double its current market price.
Read More
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