First Solar (FSLR) Plunges Again On DOE Loan Deadline Miss For Topaz

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12:10:19 pm on September 22, 2011

It seems a bit ridiculous, but rules are rules I suppose.  First Solar (FSLR) may miss out on a big DOE loan guarantee for its Topaz Solar Farm because they won’t get all the paper work and requirements completed by the September 30th deadline.  The government approved the conditional loan June 30th, but it didn’t give FSLR enough time.  Yet another major misstep in Obama’s green energy initiatives to go along with the Solyndra disaster.  Now FSLR is in advanced talks for the sale and financing of the project.  Shares of FSLR are plunging to 4 year lows below $70 a share. 

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Loan guarantees for the other two major FSLR projects (Antelope & Desert Sunlight) are currently in the DOE review process.  No word yet on if the deadline will be met for these two projects.  I would imagine that some provision will be made in order to get FSLR funding but then again there is growing public discontent over solar funding with the bankruptcies of Evergreen Solar (ESLR) and Solyndra.  First Solar is in another league though and remains the top US solar company.

Bad news for FSLR today and for solar in general as solar stocks continue to just get hammered.  I still don’t see any definitive signs that bottoms are in on these stocks.  Even my top pick continues a massive downtrend although, it’s up today on a big down day.  I’m very close to pulling the trigger on a YGE position. 

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