Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

First Solar Slides on Financing Delay, Downgrade: Chicago Mover

Feb. 10 (Bloomberg) -- First Solar Inc., the biggest maker of thin-film solar panels, fell the most in almost two months after permitting issues delayed a U.S. loan guarantee for a power plant in California and an analyst at Collins Stewart LLC downgraded the shares.

First Solar dropped 10 percent to $43.91 at the close in New York, the most since Dec. 14. The shares have declined 72 percent in the past year.

First Solar sold the 230-megawatt Antelope Valley Solar Ranch One plant to Exelon Corp. for $75 million in September. The Tempe, Arizona-based solar company will have to buy it back if the project cannot win final construction permits and qualify for a $646 million U.S. Energy Department loan guarantee, First Solar said yesterday in a regulatory filing.

“First Solar will not be able to recognize revenues from AVSR construction unless a sale is completed and funded,” Dan Ries, an analyst at Collins Stewart, said today in a note to clients. He reduced his rating to “neutral” from “buy.”

If required to repurchase Antelope Valley, First Solar will probably be able to sell it to another buyer and the transaction may reduce its first-quarter profit to break-even, Ries said.

When Exelon purchased the project, the deal was contingent upon First Solar receiving the government-backed funding “within approximately four months,” according to the filing. The companies have agreed to extend that deadline to Feb. 24.

To contact the reporter on this story: Christopher Martin in New York at

To contact the editor responsible for this story: Reed Landberg at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.