First Solar to Sell Never-Commissioned Panel Plant in Arizona

First Solar Inc. (FSLR) agreed to sell a facility in Mesa, Arizona, to an unidentified buyer at a loss of as much as $60 million against book value.

The company expects proceeds of more than $100 million from the sale, which will close this quarter, according to a Securities and Exchange Commission filing today from the Tempe, Arizona-based company. The site was intended to be a panel-production plant and was never commissioned.

The loss will be incurred in the third quarter, according to the filing. The deal will also involve $5 million to $10 million in costs.

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

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