First Solar Enters Indonesia With 100 MW Memorandum Of Understanding

As many solar companies seek to solidify their presence in established markets, First Solar (FSLR :NASDAQ) is seeking to break into new markets. The Arizona-based solar manufacturer announced today they have a memorandum of understanding (MOU) to deliver 100 megawatts (MW) of power plants to Indonesia. This is First Solar’s first deal in Indonesia.

First Solar will be working with PT. Pembangkitan Jawa Bali Services (PJB Services), a subsidiary of Perusahaan Listrik Negara (PLN). This is PJB Services’ first move into developing utility-scale solar projects.

Investors in First Solar have to be pleased that their company was chosen to begin developing a potentially lucrative market that has an undeniable need for more electricity.

And while a MOU isn’t quite the same as a signed contract in the U.S., it’s close enough. No details were given as to when First Solar will start delivering its thin-film solar panels.

Investors seem to be thrilled that First Solar was first to plant a flag in Indonesia as shares were up 7.71 percent in afternoon trading.