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First Solar shares jump after Antelope Valley construction OKd

June 23, 2012|Bloomberg News

Shares of First Solar soared after the biggest maker of thin-film solar panels got permission to continue construction on a $1.36-billion power project in Los Angeles County.

Shares of First Solar Inc. soared after the biggest maker of thin-film solar panels received permission to continue construction on a $1.36-billion power project in Los Angeles County.

First Solar had the biggest increase among the companies in the Standard & Poor's 500 index Friday, rising 9.2% to $15.88. Shares of the Tempe, Ariz., company are down 53% this year.

Construction of the Antelope Valley Solar Ranch One plant had been suspended during a permitting dispute with county officials over building codes, First Solar said Friday. The project is partially funded by a $646-million U.S. Energy Department loan guarantee and is expected to be completed next year.

First Solar sold the 230-megawatt Antelope Valley plant in September to Exelon Corp., a power company. The price was $75 million, according to a February filing from the solar company. Exelon, based in Chicago, said it would invest as much as $713 million in the project.

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