First Solar Inc. (NASDAQ: FSLR) and Exelon Corp. (NYSE: EXC) announced today that the Antelope Valley Solar Ranch One project has received the first installment on a federal loan that could eventually total $646 million to construct the 230-megawatt solar PV project. Exelon bought the project from First Solar last September, contingent on receipt of the federal loan money.
Now that the first payment has come through, Exelon owns the project, which will be constructed and operated by First Solar.
Receipt of the funds hasn’t done anything to help First Solar’s share price, which is down nearly -4% today at $20.87 after posting a new 52-week low of $20.50 earlier in the day. The stock’s 52-week high is $150.69.