First Solar Climbs After Antelope Project Permit Issue Resolved

First Solar Climbs After Antelope Project Permit Issue Resolved

First Solar Inc., the biggest maker
of thin-film solar panels, climbed the most in three weeks after
it resolved a permitting issue with Los Angeles County for a
$1.36 billion power project under construction, paving the way
for financing to resume.
First Solar rose 9.7 percent to $43.55 at 9:31 a.m. in New
York, the biggest intraday gain since Jan. 27. Shares of the
Tempe, Arizona-based panel-maker had increased 18 percent this
year through yesterday.
Construction of the Antelope Valley Solar Ranch One plant
is partially funded by a $646 million U.S. Energy Department
loan guarantee. That financing was frozen after county
regulators put the project’s permit on hold, the company said in
a filing Feb. 9.
Dan Ries, an analyst at Collins Stewart LLC, expects funds
from the loan guarantee to begin flowing in coming weeks, he
said today in a note to clients.
First Solar sold the 230-megawatt Antelope Valley Solar
Ranch One plant to Exelon Corp. for $75 million in September.
The Chicago-based power company said it would invest as much as
$713 million into the project.