First Solar (FSLR) Announces Big Supply Deal With Sorgenia Solar, Surging AH

First Solar (FSLR) is surging after hours following its earnings report and news of new supply deals totaling 525 MW with Sorgenia Solar, a developer of large scale solar power plants in Italy as well as a few of First Solar’s existing customers including EDF Energies Nouvelles, Ecostream, Juwi and Phoenix Solar.  The deals allow for new sales revenue of approximately 800 million from 2009 – 2013

“With strong market growth in Italy we are pleased to announce our new partnership with the Italian Utility company Sorgenia Solar, who is well positioned to develop solar power plants in this important region,” said Mike Ahearn, CEO of First Solar. “These new module supply agreements and contract extensions enable our partners to increase solar electric generation in multiple markets throughout Europe and demonstrate the successful partnerships First Solar has established with the world’s leading project developers and system integrators.”

Shares are up over 15% in after hours trading as the stock attempts to bottom out at around $100/share.

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