Will DOE Save First Solar? (FSLR, EXC)
First Solar, Inc. (NASDAQ: FSLR) was facing a nearly busted IPO situation just yesterday. No 52-week low worries. Try nearing the worst of the worst as its shares were danger-close to that $20.00 price. Now we have shares rallying on…
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First Solar’s 230 Megawatt Antelope project fears are being alleviated with Exelon Corporation (NYSE: EXC) as the buyer. The hold up was said to be fears that DOE had regarding local permitting, but recent DOE loan guarantee failures (Solyndra for one) have likely made the DOE be more careful about throwing money into projects if there is obvious trouble. Had the deal not closed, First Solar could have been forced to buy the project back. The DoE had approved $646 million in loans for the project.
After the deal is closed, First Solar’s only involvement will be in the construction and operation of the facility.
First Solar closed unofficially up 5.9% at $21.38 against a prior 52-week range of $20.05 to $147.20.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.