First Solar: Topaz Solar Farm will not meet DOE loan guarantee deadline

Tempe, USA - First Solar, world

The Topaz project meets the standards for inclusion in the loan guarantee program and received a conditional commitment for a loan guarantee from DOE on June 30, 2011, but there was insufficient time to process all requirements before the Sept. 30, 2011, as the company reports. Now First Solar is in advanced talks regarding the sale and financing of the project with potential buyers utilizing a different transaction structure that does not require a DOE loan guarantee.

The 230 MW Antelope Valley Solar Ranch 1 project and the 550 MW Desert Sunlight project, which also received conditional commitments from DOE for loan guarantees on June 30, remain in the DOE process. Nevertheless First Solar shares fell sharply in value. In NASDAQ trading the stock still be worth over 80 US Dollar. Now the price is 66.85 US Dollar (Sep 22, 2011, 22:00).

Source: IWR Online, 23 Sep 2011