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First Solar Tapped For 159 MW Of Projects In Oz

June 11, 2012

Down, but definitely not out, First Solar (FSLR :NASDAQ) once again shows why it’s one of the leading solar manufacturers in the world by announcing it has been selected by AGL Energy Limited for two projects in Australia totaling 159 megawatts (MW).

First Solar will design, construct, and maintain two projects to be located in New South Wales – a 106 MW solar plant in Nyngan and a 53 MW solar plant in Broken Hill.

The federal government of Australia and the state government of New South Wales will provide funding for the projects under separate funding agreements.

Unfortunately for the beleaguered First Solar, construction on the two plants isn’t scheduled to begin until 2014. Expected completion is in 2015.

Manufacturing the most inexpensive solar panels in the industry is still a benefit for First Solar but with industry prices dropping rapidly, their advantage has diminished over the last few months. And with the share price close to its 52-week low of 11.43, the Arizona-based solar manufacturer needs to secure some contracts of this size that can be completed in 2012 or 2013 to improve investor moral.

Shares of First Solar were off 2.46 percent in afternoon trading.

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