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First Solar and AGL To Deliver Australia’s Largest Solar Project

July 31, 2013

AGL Energy Limited announced today that it will move forward with two utility-scale solar energy projects totaling 155 megawatts (MW) and First Solar (FSLR :NASDAQ) will be providing the photovoltaic modules and EPC services for the projects totaling approximately $450 million.

First Solar will be building a 102 MW solar plant at Nyngan and a 53 MW plant at Broken Hill.  The Nyngan plant, located in New South Wales, will not only be the country’s largest solar plant, but the biggest in the southern hemisphere. The projects are receiving $166.7 million in funding from the Commonwealth Government through the Australian Renewable Energy Agency and $64.9 million from the NSW Government.

Both projects are scheduled to begin construction in 2014 and be completed by the end of 2015.

Nyngan and Broken Hill are part of the Australian government’s aggressive goal of obtaining 20 percent of its energy through renewable sources by the end of the decade.

With stellar business wins like today’s announcement, First Solar continues to be a darling in the solar industry despite being called out Aaron Chew, an analyst with Maxim Group LLC in New York back in April 2012. Back then Mr. Chew felt the company needed to make major changes to its business model and downgraded the company to “sell” with a target price of $9.

Shares of First Solar were up 2.17 percent to 49.55 in afternoon trading.

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