First Solar Sells Solar Unit - Analyst Blog
24 April 2013 - 8:20PM
Zacks
First Solar Inc. (FSLR) has entered into an
agreement with Southern Power and Turner Renewable Energy, a
subsidiary of Southern Company (SO), to sell its
139-megawatts (MW) Campo Verde Solar Project. Per the contract,
First Solar will construct the power plant and will operate and
manage it for 10 years.
First Solar started developing the power plant last December and is
expected to bring it online by fall 2013. The plant is expected to
provide power to approximately 48,000 homes annually. At the same
time, it will reduce carbon dioxide emission by 80,000 metric tons
per year. Southern Power and Turner Renewable Energy will sell the
output to San Diego Gas & Electric Company over the next 20
years.
First Solar has been a committed partner of Southern Power and
Turner Renewable Energy in terms of meeting its commitments and
maintaining product and service standards along with delivery
timing. In 2010, the company sold the 30-MW Cimarron I Solar
Project to Southern Power and Turner Renewable Energy.
In Aug 2005, the U.S Environmental Protection Agency circulated a
regulation that each of the federal agencies will consume renewable
energy in amounts of not less than 7.5% in 2013 and afterward.
Currently, most of the utility providers invest substantial amounts
to develop and upgrade their renewable utility assets to meet the
environmental legislations.
Globally, utilization of renewable energy is rising primarily due
to its clean nature and a growing awareness among the masses
regarding its benefits. These influence utility providers to shift
their mode of power generation to solar, wind and water.
First Solar is continuously receiving orders from domestic as well
as international clients for solar modules and other allied
services. In 2012, the company inked several deals with Chinese,
Indian and Indonesian organizations.
We view this growing demand of solar powered energy as a catalyst
for First Solar’s future operating as well as financial
results.
First Solar currently has a Zacks Rank #3 (Hold). Besides the
company, the Zacks Rank #2 (Buy) stocks of STR Holdings,
Inc. (STRI) and ReneSola Ltd. (SOL) are
worth considering.
FIRST SOLAR INC (FSLR): Free Stock Analysis Report
SOUTHN COMPANY (SO): Free Stock Analysis Report
RENESOLA LT-ADR (SOL): Free Stock Analysis Report
STR HOLDINGS (STRI): Free Stock Analysis Report
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