First Solar Inc. (NASDAQ: FSLR) has been battered and left for dead. Interestingly enough, the latest news flow has not been as bad and with shares above $14.50 the recovery is around 25% from its recent and all-time lows. Shares are on the rise this morning after an approval to complete a 230-megawatt plant in California.
Los Angeles County has now approved the company to begin module installation at the AV Solar Ranch One facility. The Los Angeles County Department of Public Works and First Solar reached an agreement to install solar modules at the photovoltaic power plant which is currently under construction in the Antelope Valley area. First Solar will continue construction activities of the 230-megawatt power plant and it projects that it will generate enough electricity to power 75,000 homes.
Installation of the modules was delayed as First Solar and the Public Works department worked on the module code certifications. First Solar now expects to ramp up staffing for the project over the next several weeks.
Shares of First Solar are up 3.1% at $14.99 shortly before the open. Keep in mind hat First Solar was worth only $1.26 billion as of Thursday’s close and the recent and all-time low was $11.43.
First Solar often leads the Guggenheim Solar (AMEX: TAN) ETF.
JON C. OGG