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First Solar Continues to Position Itself as a World Leading Solar Developer

Solar [1]

First Solar Continues to Position Itself as a World Leading Solar Developer

By Joseph Baker [2] on September 1, 2011
image/png iconBldng_PBG_1412_FS_OH_WB_M.png [3]

Based out of Arizona, First Solar Inc. [4] (Nasdaq: FSLR [5]), the world's largest solar company, has made three announcements this week demonstrating the company's dominance and growing reach in the global solar market.

On Tuesday, First Solar said that it had broken ground on what will be Australia's first utility-scale photovoltaic (PV) solar installation. It will partner with Western Australia's state-owned utility, Verve Energy, and General Electric Co.'s (NYSE: GE [6]) financial division GE Energy Financial Services in developing the solar farm.

In addition to providing the project with 150,000 of its advanced thin film PV solar panels, First Solar will also design and build the 10 MW solar farm. The WA Water Corporation will purchase 100 percent the project's electrical output to power its Southern Seawater Desalination Plant which is currently under construction.

The next day, back in the United States, NRG Energy Inc [7]. (NYSE: NRG [8]), a subsidiary NRG Solar, said [9] its Roadrunner Solar Generating Facility is online. First Solar took eight months to construct [10] the 20 MW project which employs its PV solar panels. Located in Santa Teresa, New Mexico, the Roadrunner facility, which is the state's third largest solar installation, is now delivering renewable energy to El Paso Electric Co. (NYSE: EE [11]) through a 20-year power purchase agreement.

And finally, today, First Solar's European division announced [12] that its solar module factory in Frankfurt, Germany has been certified by VDE, the German Association for Electrical, Electronic & Information Technologies to qualify for Italy's Conto Energia 4 (CE4) feed-in tariff program.

Under the program, projects that contain at least 60% of European-made components are rewarded with an additional 10% premium above and beyond normal feed-in tarrif rates. Stephan Hansen Vice President of Sales for First Solar in Europe, the Middle East and Africa stated that this certification will directly increase the attractiveness of First Solar PV modules for commercial installations in Italy.

Despite dissapointing investors [13] after reporting its 2010 financial results in February, the solar giant has showed little signs of slowing its growth in the solar market. A quick glance at the last four months reveals the company continues to expand:

  • May:  The company signs a contract with Beijing-based China Power International New Energy Holding Limited (CPINE) to collabroate on the development of solar PV projects in China, the United States and other markets.
     
  • June:  The Department of Energy [14] awards [15] three photovoltaic (PV) solar installations being developed by First Solar in California with a combined $4.5 billion in loan guarantees.
     
  • July:  The Export-Import Bank of the United States announces it will provide [16] a $16 million loan to Azure Power Rajasthan Pvt. Ltd. in New Delhi, India to purchase First Solar PV modules.

  • August: NRG Energy completes [17] its acquisition of the 290-megawatt Agua Caliente solar project [18] being developed by First Solar. First Solar has designed and will build and maintain the project, which is the world's largest solar photovoltaic project currently under construction.

First Solar CEO Rob Gillette believes that, even though the company reported lower sales in Q2 2011($533 million) relative to Q2 2010 numbers ($588 million), the foundation has been laid in the first half of 2011 to build a strong second half.

Commenting on the Q2 2011 financials report [19] he said, "We expect stronger performance in the second half of 2011 as we build projects from our systems pipeline, develop promising new markets, execute our cost reduction roadmaps and continue to improve module efficiencies."

Following today's announcement the First Solar stocks were down 2 percent in early morning trading.

Image Credit: First Solar

Tags: [20], [21], [22], [23], [24], [25], [26], [27], [28], [29], [30], [31], [32], [33], [34], [35], [36], [37], [38], [39], [40], [41], [42], [43], [44], [45], [46], [47], [48], [49], [50], [51], [52], [53], [54], [55], [56], [57]

Joseph Baker is a freelance writer living in Vancouver BC. His areas of focus include renewable energy, sustainability and climate change.

 

Source URL: http://www.energyboom.com/solar/first-solar-continues-position-itself-world-leading-solar-developer

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[1] http://www.energyboom.com/solar
[2] http://www.energyboom.com/users/joe-baker
[3] http://www.energyboom.com/sites/default/files/Bldng_PBG_1412_FS_OH_WB_M.png
[4] http://www.firstsolar.com/
[5] http://www.energyboom.com/../../first-solar-inc
[6] http://energyboom.com/general-electric-co
[7] http://www.nrgenergy.com/
[8] http://www.energyboom.com/nrg-energy-inc
[9] http://investor.firstsolar.com/releasedetail.cfm?ReleaseID=602541
[10] http://energyboom.com/solar/nrg-construct-new-mexicos-second-largest-solar-facility
[11] http://www.energyboom.com/../../../../../../el-paso-electric-co
[12] http://investor.firstsolar.com/releasedetail.cfm?ReleaseID=602662
[13] http://energyboom.com/finance/e%E2%80%A2boom-capital-first-solar-disappoints-investors
[14] http://energy.gov/
[15] http://energyboom.com/solar/first-solar-awarded-45-billion-loan-guarantees-us-department-energy
[16] http://energyboom.com/finance/ex-im-provide-25-million-support-us-solar-module-exports
[17] http://investor.firstsolar.com/releasedetail.cfm?ReleaseID=597304
[18] http://energyboom.com/solar/nrg-and-first-solar-expand-partnership-290-mw-solar-project
[19] http://investor.firstsolar.com/releasedetail.cfm?ReleaseID=596906
[20] http://www.energyboom.com/category/company/arizona-first-solar-inc
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