First Solar Rises as Permit Resolved on Los Angeles Plant
First Solar Inc. (FSLR), the biggest maker of thin-film solar panels, climbed the most since June 12 after receiving permission to continue construction on a $1.36 billion power project in Los Angeles County.
First Solar had the biggest increase among the Standard & Poor’s 500 Index companies, rising 9.2 percent to $15.88 at the close in New York. Shares of the Tempe, Arizona-based company have dropped 53 percent 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 today in a statement. The project is partially funded by a $646 million U.S. Energy Department loan guarantee and is expected to be complete next year.
First Solar sold the 230-megawatt Antelope Valley plant to Exelon Corp. (EXC) in September. The price was $75 million, according to a February filing from the solar company. The Chicago-based power company said it would invest as much as $713 million into the project.
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